Bitcoin officially lowered its price last week and closed at close to $ 21,100. As of this writing, the upward momentum is gaining momentum, with prices reaching 21,800, the upper limit of last month’s integration range.
Ethereum surged 14.1% last week, rising another 6.7% from the start of Monday’s day to $ 1430. This time, ETH realized that it was one step ahead of BTC and exceeded last month’s trading range limit on Friday. The steady rise in the second cryptocurrency underscores the growing demand for risk among crypto enthusiasts.
Major altcoins have increased over the last 24 hours and range from 1.8% (Dogecoin) to 16% (Polygon).
According to CoinMarketCap, the total capital of the crypto market increased by 9.5% in a week to $ 998 billion. Bitcoin’s dominance index fell 1.1 percentage points to 41.7% over the same period.
The Crypto Fear-and-Greed Index remained unchanged for a week and returned after dropping to 24 points (extreme fear). By Monday, the index had dropped to 20, but recent market dynamics suggest that the market is ready to leave the realm of “extreme fear.”
Bitcoin rebounded later in the week from all its early declines. BTC has been integrated below the 200-week moving average for almost a month and is currently running at around $ 22,550. The first cryptocurrency is still stuck at the $ 20,000 level (the highest in the previous cycle). Optimists can look for a series of higher local lows over the last four weeks.
Ethereum has shown significant benefits after ETH developers approved the blockchain migration to PoS on September 19, 2022. Ethereum is above the 200-week average at the end of last week and could drive early buyers to trade on technical signals.
We are also looking at growing investor interest in blockchain networks, as seen in the outperformances of Ethereum, Solana, Polygon and Avalanche last week. At the same time, the NFT market continues to decline. This can be explained as investors betting on long-term projects rather than collecting short-term speculation.
Bloomberg notes that the correlation between Bitcoin and the US stock index is weakening. This has fallen to its lowest level since January. If BTC’s reliance on the stock market diminishes in the coming weeks, the expert community will re-discuss Bitcoin as “digital gold.”
According to CryptoCompare, cryptocurrency spot trading volumes have fallen to their lowest levels since June 2020. Fairlead Strategies estimates that the bearish market may continue for months.
The United Nations recommends that developing countries ban cryptocurrency advertising and require all cryptocurrency wallets and exchanges to register with regulators.