The total crypto market cap added $291 billion to its label for the closing seven days and now stands at $2,358 billion. The top 10 coins were all in green for the identical duration of time with Solana (SOL) and Polkadot (DOT) main the pack with 52.3 and 35.4 p.c of gains respectively. Bitcoin (BTC) is currently trading at $51,916 while ether (ETH) is at $3,952.
Bitcoin closed the trading day on Sunday, August 29 at $48,780 after suffering yet every other rejection within the gap above $49,000. The $49,750 label started acting as a resistance ever because it was first reached on August 21, but in traditional, BTC was slowly forming a bull flag on the each day chart – a sample indicating a doable reversal to the upside if respected.
Bulls efficiently refrained from a atomize under the $46,500 label and established it as a give a boost to on the increased timeframe.
On Monday, the BTC/USDT pair corrected its label down to $46,965 erasing 3.5 p.c of its total valuation but came all the diagram by steadiness at the 21-day EMA and the decrease boundary of the talked about bull flag formation.
The Tuesday session on August 31 came all the diagram by the superb cryptocurrency struggling to atomize above the $48,000 space, so it most effective managed to procure a short green candle to $47,165. BTC was 12.6 p.c up for the month of August.
The mid-week trading on Wednesday started with a fall to $46,500 within the early morning hours, but bulls were like a flash to react and defended the give a boost to line. BTC rallied 3.7 p.c and closed the day at $48,850.
On Thursday, September 2 it confirmed the procure away of the bull flag by closing the trading day at $49,230. Customers were even in a position to push the value up to $50,500 all the diagram by intraday.
The Friday trading was no diverse and the superb cryptocurrency persisted to switch within the upward route. It closed above the $49,500 label for the first time since Would possibly perhaps perhaps also fair 14.
The weekend of September 4-5 started with a consolidation around the psychological level of $50,000 on Saturday. Then on Sunday, BTC surged in label hitting $51,800 and adding 3.5 p.c to its label.
Bitcoin is trading flat noon on Monday.
The Ethereum Project token ETH was trading within the $3,320 – $3,000 zone for more than 22 days, which in step with the huge majority of the cryptocurrency market analysts represents a consolidation phase after the fleet expand old to and after the closing major network upgrade.
On Sunday, August 29, the ether closed at $3,218 on its 2nd consecutive day in purple.
The Monday session was when bulls tried to push the value of ETH above the $3,320 label, but over again it resulted in a failure. The coin closed flat.
On Tuesday, August 31, the ETH/USDT pair bounced support up from the 21-day EMA on the each day timeframe and broke out of the differ, ultimately closing at $3,420 or 5.8 p.c increased. It was 35.4 p.c up on a 30-day foundation.
The mid-week session on Wednesday came with a 2nd consecutive day in green and a original mid-term file – $3,841.
On Thursday, September 2 the ETH/USDT pair pulled support down to $3,783 as some traders were already reserving profits.
The closing day of the workweek was basically a continuation of the uptrend and a each day candle shut at $3,936. The coin was magnificent one leg faraway from setting a original all-time high file.
The trading session on Saturday was marked by a minute correction within the value of ETH down to $3,880. Nonetheless, it was short-lived and the coin fashioned the particular same candle but within the different route on Sunday, which allowed it to operate the ground for further will enhance.
The ether is trading at $3,950 on Monday, September 6.
- Polkadot (DOT)
The Layer 1 coins are currently on the rise and Polkadot isn’t any exception. What is more, the Polkadot platform and infrastructure ought to if truth be told closer to a Layer 0 protocol aiming to be interoperable and in an effort to talk and collaborate with the entire diverse blockchains in preference to competing with them.
The DOT/USDT pair added 33 p.c to its label for the closing seven days. The majority of the analysts were declaring the reality Polkadot is severely underrated in contrast to the rest of the coins within the Top 10 or Top 20 given the upcoming parachain auctions and the success of the Kusama auctions.
For instance, Kusama (KSM), which is the native token of the Polkadot test chain is performing significantly higher.
The coin is anticipated to revisit the gap shut to its old all-time high within the short to mid-term. The next logical resistance level is found somewhere shut to the February peak around $40. We’ll be procuring for give a boost to around the $27 label.
Altcoin of the week
Our Altcoin of the week is Fantom (FTM). The usual layer-1 platform that was constructed on an aBFT consensus protocol added the magnificent 105 p.c to its label for the closing seven days. The coin is 735 p.c up because it bottomed at $0.1518 on July 20.
Essentially the most modern surge within the value of the FTM/USD pair resulted in a original all-time high reached on September 6 – $1.356 and a switch up to the 55th build on CoinGecko’s Top 100 listing. Fantom now has an total market capitalization of roughly $3.226 billion.
The major reason slack the unexpected interest within the Fantom mission is the reality all major layer 1 initiatives are experiencing a renewed interest of their platforms – Solana, Fantom, Avalanche, and others are all seeing triple-digit will enhance for the closing month.
Additionally, on August 30, the group slack FTM announced a 370m FTM incentive program for every original and present protocols on Fantom to further boost the ecosystem issue.
As of the time of writing, FTM is trading at $1.28.