Weekly Crypto Market Update: Bitcoin, Ethereum, Solana, XRP, Cardano, and Dogecoin Trends (Sept 23-29, 2024)

The last week of September was no exception for the cryptocurrency market; it had its ups and downs for the top assets, including Bitcoin and Ethereum. Let's jump into the trends observed on Dex-Trade for the week 23/09/24 - 29/09/24.

 

Bitcoin (BTC/USDT)

Chart: BTC/USDT Price Chart

 

Bitcoin went into the week strong, highs around $65,000 as of September 27th, after which it fell with great strength in the end of the week, closing at about $64,300. The correction came in following a broader market sentiment where the brief rally of Bitcoin was cut short by growing sell pressure linked to regulatory unease in key markets such as the U.S. and China. Notwithstanding, Bitcoin managed to sustain its support levels above $64,000 for a consolidation phase in the near term.

 

Ethereum (ETH/USDT)

Chart: ETH/USDT Price Chart

 

Ethereum was on an uptrend for the first half of the week, breaking upward to 2,650$ before falling back down. The asset had rested at 2,639$ for this week, managing to stay somewhat resilient after Ethereum's network upgrade fostered optimism in the blockchain's scalability and security. News of the upgrade encouraged short-term rallies as well across DeFi projects, boosting Ethereum's market confidence despite correction.

 

Solana (SOL/USDT)

Chart: SOL/USDT Price Chart

 

This week, Solana was somewhat quiet, trading in the range of $156 after touching close to $160. There has been a slight pullback in price due to the correction in the broader markets. However, with the high throughput capability of Solana and also institutional interest being bullish for the token, this has kept interest in the token in a relatively stable state. Other news that would have also supported the value of the token includes increased gaming platform integration of Solana.

 

XRP (XRP/USDT)

Chart: XRP/USDT Price Chart

 

Most of the week, XRP kept a bullish outlook, poised from around $0.64 and spiking briefly to $0.65 before it rested at $0.649. Positive development pertaining to Ripple's case with the SEC still attracts investors into XRP as the price change has been quite positive. Anticipation of probably favorable settlement sent XRP for a short-term boost before market volatility caused retracement.

 

Cardano (ADA/USDT)

Chart: ADA/USDT Price Chart

 

Cardano had a pretty stable week, moving between $0.39 and $0.38. There wasn't too much price action, but strong developer activity coupled with upcoming smart contract upgrades for Cardano indeed hinted at a solid foundational case for ADA's long-term prospects. However, in the short term, market sentiment remained tepid as the market became recipient to larger macroeconomic factors.

 

Dogecoin (DOGE/USDT)

Chart: DOGE/USDT Price Chart

 

DOGE, on its part, experienced some movements within the week, climaxing to $0.12 about the 26th before falling back at the close of the week to the $0.122 mark. Speculation over the greater integration of Dogecoin into various social media saw the virtual currency's popularity continue to soar, though the dismal reception of the announcement saw a modest retracement post-week.

 

Conclusion

Characteristic volatility marked the crypto market, taking cues from macroeconomic indicators and regional regulatory news. Bitcoin lost its steam in the last days of the week, while Ethereum's network development supported the price of its asset. Going into the last quarter of 2024, the crypto space is expected to continue with its reactions to technological advancements and regulatory decisions.