Cryptocurrency: Crypto Week at a Glance: Consolidation with mixed results for altcoins

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This week, the strong consolidation of Bitcoin (BTC) experienced a minor crash on September 7th. The broader crypto market rose 3% to end the week at $ 2.17 trillion. The best altcoins in the DeFi space saw mixed results as Avalanche (AVAX) had a spectacular rally while Cardano (ADA) and Solana (SOL) finished among the top losers.

Investor sentiment turned bullish after the first week of September for the broader market, although price actions remained limited. Trading volumes between exchanges fell in anticipation of a sharp breakout on either side. News from the crypto world continued to tilt towards optimism.

Government and regulations

Cuba’s new cryptocurrency regulations went into effect this week and recognize crypto as a legal payment method for business transactions in the country. It comes after El Salvador announced a plan to exempt investors from paying a capital gains tax and an income tax on Bitcoin. In Korea, however, more than 60 cryptocurrency exchanges are suspended next week due to a lack of registration with the Financial Intelligence Unit.

Crypto Adoption NASDAQ-listed cryptocurrency exchange Coinbase has increased the size of its proposed bond sale to $ 2 billion from the $ 1.5 billion it planned to offer earlier this week after receiving an influx of offers from investors. Meanwhile, Paypal has officially completed the rollout of its crypto service, allowing all eligible customers in the UK to exchange Bitcoin, Ethereum, Litecoin and Bitcoin cash. And for the first time, Time magazine recruited a crypto personality, Vitalik Buterin, the co-founder of Ethereum, as one of the most influential people in the world.

Back home, India’s first engineering institute IIT Madras (IITM) became a member of the Hedera Hashgraph Council for Decentralized Governance.

Crypto News Summary The Solana Network (SOL) was temporarily shut down this week after an increase in transaction charges. SOL was down 12% during the week, as centralization issues emerged after the validator community voted to restart the network.

The benefits of a decentralized blockchain were demonstrated by a $ 2 billion Bitcoin transaction that was processed this week with a low fee of $ 0.78. In comparison, the fee for an international fiat transfer for the same amount would have been around $ 20 million.

Price Shares BTC hovered between $ 45,000 and $ 49,000 last week, but ended with a strong rally to close above $ 48,000 with a 6% weekly gain. Its 8 week moving average provides the next strong support at $ 46,700 which could lead to a free fall to $ 42,000.

Ethereum (ETH) ended the week just above $ 3,500 with a 5% gain and mirrored BTC for most of the week.

Among the key altcoins, Avalanche (AVAX) appears to have benefited from the temporary suspension of the Solanas network with a 44% rally during the week to rank among the top 11 cryptocurrencies. In the top 20 list, Polkadot (DOT) gained 16% while Terra (LUNA) and Algorand (ALGO) fell by more than 8% each.

Current market sentiment is bullish for a strong rebound above the $ 50,000 level for BTC by the end of the month. BTC’s dominance has increased to 42.2% and is expected to increase further in the coming weeks.

Top winners this week (at 11:30 a.m. on September 19, 2021)

Cosmos (ATOM): 42% Ren (REN): 38% Curve DAO Token (CRV): 21% Audius (AUDIO): 19% THORChain (RUNE): 15% Top losers this week (as of 6 pm, Sept 18 . 2021) Terra (LUNA): 17% FTX Token (FTT): 16% Arweave (AR): -15% Mdex (MDX): -13% Harmony (ONE): -12% cent Analysis includes only the top 100 crypto -coins. Source: CoinMarketCap

(Vikram Subburaj, CEO and co-founder of Giotuss, is part of the analysis team at Giottus Cryptocurrency Exchange.)

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