The cryptocurrency market has improved, but it has not yet taken off

In the last day, Bitcoin increased 2.6% to $22,300 on the back of increasing market indices and a weaker US dollar. With a 0.7% decline to $1715, Ethereum behind the market. The performance of the top altcoins ranged from -1.5% (Cardano) to +10%. (Solana).

BTC is only marginally over its 50-day average, which is hardly a bullish signal to be excited about. The 200-week average around $23.2K is the next step of the rebound that could resurrect the market.

According to CoinMarketCap, the total value of the cryptocurrency market increased by 1% over night to $1.06 trillion. By Tuesday, the fear and greed index for cryptocurrencies had risen 9 points to 34, its highest level since mid-August.

The latter dynamic points to wary market participants who are likely to focus on global macro issues. The US inflation report, which might restore market optimism if price growth slows and sell-offs don’t occur, is the most important of these at the moment. The link between bitcoin and the S&P 500 index, as seen by TradingView, began to grow once more last week.

news context
The largest weekly outflow of crypto funds in the previous 12 weeks, according to CoinShares, was $63 million. Bitcoin funds lost $13M, Ethereum funds $62M, and short-BTC funds $11M. These dynamics demonstrate that no institutions are determining the prices in this situation at all, in striking contrast to the price behaviour and overall market capitalization.

Among the top currencies, Solana showed the most daily growth. Despite the general market downturn, 312K NFTs were issued on the Solana blockchain, a substantial increase. On the network, collectible asset trade volumes have also increased.

The hash rate of the bitcoin network has reached a new all-time high of 281.79 million TerraHashes, pushing out the anticipated time for the subsequent halving from May 2024 to Q4 2023.

A Harris Poll study found that 70% of cryptocurrency investors, which is much more than the percentage of traditional investors, want to be billionaires.

Huobi will delist seven anonymous cryptocurrencies on September 19 as a result of rising regulatory pressure, including Dash (DSH), Monero (XMR), and Zcash (ZEC).

News Summary:

  • The cryptocurrency market has improved, but it has not yet taken off
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