This past week there has been a strong consolidation of Bitcoin (BTC) after a minor crash on September 7th. The broader crypto market rose 3 percent to hit $ 2.17 trillion for the week. The top altcoins in the DeFi space saw mixed results as Avalanche (AVAX) put down a spectacular rally while Cardano (ADA) and Solana (SOL) ended up among the top losers.
Investor sentiment became bullish for the broader market after the first week of September, although price action remained limited. The trading volume on the exchanges declined in anticipation of a clear breakout on both sides. News from the crypto world continued to tend towards optimism.
Government and regulations
Cuba’s new cryptocurrency regulations went into effect this week recognizing crypto as a legal payment method for commercial transactions in the country. It did so after El Salvador announced a plan to exempt investors from paying capital gains tax and income tax on Bitcoin. In Korea, however, more than 60 cryptocurrency exchanges will be suspended next week due to a lack of registration with the Financial Intelligence Unit.
Crypto adoption
NASDAQ-listed crypto exchange Coinbase has increased the size of its proposed bond sale from the original $ 1.5 billion it planned to offer earlier this week to $ 2 billion after receiving an influx of offers from investors. Meanwhile, PayPal has officially completed the rollout of its crypto service, which will allow all eligible customers in the UK to trade Bitcoin, Ethereum, Litecoin and Bitcoin Cash. And for the first time, Time Magazine has recruited a crypto personality, Vitalik Buterin, the co-founder of Ethereum, as one of the most influential people in the world.
At home, India’s leading engineering institute IIT Madras (IITM) became a member of the Hedera Hashgraph Council for decentralized governance.
Summary of the crypto news
The Solana (SOL) network was temporarily shut down this week after a surge in transaction loads. SOL fell 12 percent over the week as centralization issues surfaced after the Validator community voted to restart the network.
The benefits of a decentralized blockchain were evident in a $ 2 billion Bitcoin transaction that was processed this week for a modest fee of $ 0.78. By comparison, the fees for an international fiat transfer would have been around $ 20 million for the same amount.
Price promotions
BTC hovered between $ 45,000 and $ 49,000 for the past week but ended on a strong rally and closed above $ 48,000 with a weekly gain of 6 percent. Its 8-week moving average offers the next strong support at $ 46,700 after a free fall to $ 42,000.
Ethereum (ETH) ended the week just over $ 3,500, up 5 percent, mirroring BTC for most of the week.
Among the top altcoins, Avalanche (AVAX) appears to have benefited from Solana’s temporary network suspension with a 44 percent rally over the week to finish in the top 11 cryptocurrencies. In the top 20 list, Polkadot (DOT) gained 16 percent, while Terra (LUNA) and Algorand (ALGO) each fell more than 8 percent.
Current market sentiment is bullish for a sharp rise above the $ 50,000 level for BTC by the end of the month. BTC dominance has risen to 42.2 percent and will continue to increase in the coming weeks.
This week’s top winners (As of 11.30 a.m., September 19, 2021)
- Cosmos (ATOM): 42 percent
- Ren (REN): 38 percent
- Curve DAO Token (CRV): 21 percent
- Hearing (AUDIO): 19 percent
- THORChain (RUNE): 15 percent
Top losers this week (As of September 18, 2021, 6 p.m.)
- Earth (MOON): 17 percent
- FTX token (FTT): 16 percent
- Arweave (AR): -15 percent
- Mdex (MDX): -13 percent
- Harmony (ONE): -12 percent
The analysis only includes the top 100 cryptocurrencies. Source: CoinMarketCap
(Vikram Subburaj, CEO and Co-Founder, Giotuss, is part of the Giottus Cryptocurrency Exchange Analytics team.)
source https://www.bisayanews.com/2021/09/19/cryptocurrency-crypto-week-at-a-glance-consolidation-with-mixed-results-for-altcoins/
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