Bitcoin now closed last week lower, closing it near $21,100. At the time of writing, bullish momentum has built up, taking the price to 21,800, the top end of last month’s consolidation range.
Ethereum jumped 14.1% last week and is up another 6.7% since the start of trading on Monday, hitting $1,430. Finding itself a step ahead of BTC this time around, ETH broke above the upper bound of last month’s trading range on Friday. The steady rise of the second cryptocurrency highlights the increased demand for risk among crypto enthusiasts.
The main altcoins gained in the last 24 hours, from 1.8% (Dogecoin) to 16% (Polygon).
The total crypto market capitalization, according to CoinMarketCap, rose 9.5% on the week to $998 billion. The Bitcoin Dominance Index fell 1.1 percentage points to 41.7% during the same period.
The Crypto Fear-and-Greed Index was flat for the week, making a comeback after falling as low as 24 points (extreme fear). On Monday, the index had fallen to 20, but recent market momentum suggested the market is about to break out of “extreme fear” territory.
Bitcoin rallied in the second half of the week after all of its initial declines. BTC has been consolidating below its 200-week moving average for almost a month, now sitting at around $22,550. The first cryptocurrency is still unable to move significantly away from the $20,000 level (the high of the previous cycle). Optimists can expect a run of higher local lows in the last four weeks.
Ethereum saw notable gains after ETH developers approved the blockchain migration to PoS for September 19, 2022. Ethereum surpassed its 200-week average late last week, which could prompt early buyers to trade. with technical signals.
And we also draw attention to the increased investor interest in blockchain networks, as evidenced by the outperformance of Ethereum, Solana, Polygon, and Avalanche over the past week. At the same time, the NFT market continues to fade. It can be described as investors who bet on long-term projects instead of piling up short-term speculation.
Bloomberg draws attention to the weakening correlation between bitcoin and US stock indices, which has fallen to its lowest levels since January. If the stock market’s reliance on BTC weakens in the coming weeks, the new bitcoin is being discussed as “digital gold” by the community of experts.
According to CryptoCompare, cryptocurrency spot trading volume has fallen to its lowest level since June 2020. Fairlead Strategies believes the market’s bearish phase could last for several more months.
The UN has recommended that developing countries ban cryptocurrency advertising and require all cryptocurrency wallets and exchanges to register with regulators.