Market update
It was a week of consolidation for Bitcoin as it held on to most of the gains made over the month and traded in a range from A$64K (US$46.6K) to A$69K (US$50.3K). It’s currently down 5.1% from seven days ago to trade around A$64,600 (US$47.5K). Elsewhere prices eased across the board: Ethereum lost 3%, Cardano (-6.1%), Ripple (-11.3%), Dogecoin (-14.6%), Polkadot (-6.2%). The Crypto Fear and Greed Index is at 73, or greed.
Bitcoin topped US$50K (A$69.3K) in the past 24 hours, its highest level since early May. Bitcoin peaked at almost US$65K (A$87K) in April then lost more than half its value between mid-May and late June. Bitcoin is up 4% for the week and 44.6% for the month and it’s currently trading around A$69K. Ethereum increased 2.2% for the week and is trading at A$4,620. Cardano is up 35.4% for the week as anticipation for the “Alonzo” upgrade grows. The Crypto Fear and Greed Index is at 79 or extreme greed.
Although markets have taken a breather in the past 24 hours, the bull run appears to be back on in earnest, with most of the top coins up 50%-100% on a month ago. Crypto markets are once again near a US$2T market cap (A$2.69T) and 19.2% of Bitcoin hodlers have returned to profit since the low of $29.7K (A$40K) set in July. The total Bitcoin supply is holding unrealised profits equivalent to 50% of the market cap which Glassnode says indicates we’re experiencing a ‘bull market disbelief rally’. Influencer Lark Davis says the hash ribbons indicator is flashing a strong buy signal, which correlated with a 250% gain last time. Bitcoin peaked at A$65.5K but finished the week around A$62,850 up 1%. The Crypto Fear and Greed Index is at 72 (greed), while last month it was around 15 (extreme fear).
After bottoming out just above A$40K (US$29K) on July 21, Bitcoin rose for ten days in a row, its longest winning streak in eight years. It peaked above A$57,000 (US$42K) yesterday but the price pulled back overnight to around A$53,500 (US$39K). It’s up 5% for the week. Ethereum posted 12 straight days of green for the first time ever and is currently up 17.2% for the week to trade just under A$3600 (US$2.6K). Dogecoin was flat but everything else was up: Cardano (3.9%), Ripple (18.6%), Polkadot (29.9%), Uniswap (20%), Chainlink (30.3%), Bitcoin Cash (13.1%), Litecoin (7.6%), Stellar (5.5%), Aave (5.5%) and Synthetix (1.2%). The Crypto Fear and Greed Index briefly returned to ‘greed’ yesterday for the first time in three months, and is currently at 48, or ‘neutral’.
After briefly dipping below A$40K (US$29.3K) a week ago, Bitcoin suddenly pumped 15% yesterday and topped $54K (US$40K) in the early hours of this morning – the highest level since mid-June. It’s currently settled back to $50,100 but is still up a whopping 21.6% on seven days ago. Ethereum gained 23.4%, Cardano (12.4%), Ripple (11.5%), Dogecoin (17.8%), Polkadot (21.9%), Bitcoin Cash (16.4%), Litecoin (16%), Chainlink (24.8%), Stellar (23.3%), Aave (28%), Synthetix (14.8%), MATIC (38%).