Gate.io Blog Market Trend 22/8 - 28/8｜ETH’s momentum weakens despite the expected launch of the Merge, BTC fails to rally high, most top cryptocurrencies remained depressed

Market Trend 22/8 - 28/8｜ETH’s momentum weakens despite the expected launch of the Merge, BTC fails to rally high, most top cryptocurrencies remained depressed

29 August 10:39

Overall market performance

Most top cryptocurrencies finished the week in green ahead of Federal Reserve Chair Jerome Powell’s expected speech. Of the major cryptocurrencies, Solana and Polkadot finished the week in a weak position. The values of Dogecoin, Cardano and BNB marginally increased on Friday. However, the price of BNB which reached a high of $305.34 finished the week at a lower value. The total crypto market capitalization increased during the week, closing at $1.04 trillion. The bitcoin dominance ranged between 38% and 39.7%.

bitcoin performance

The price of bitcoin did not surpass $22 000. In fact, it traded between $20,800 and $21,800. As a fact, its highest price was $21 743.89 while the lowest was $21, 149.51. On the other hand, the key support level was $20,500. It closed the week while trading within an ascending channel. The market anticipated that it might break out of the channel if the bulls continue to put pressure.

bitcoin performance during the week- CoinGecko

ETH performance

Although, during the week the value of ETH increased to $1, 713.59 it could not move past the $2 000 resistance level. The strongest resistance for the past few days was at $1,750 which is the horizontal trendline. However, its lowest value was $1,556.81. Currently, the market expects ETH to rise past the $2 000 resistance level, after which it can gather more momentum.

ETH performance during the week- Source: CoinGecko

Performance of other top cryptocurrencies

Aave (AAVE), Shiba Inu Coin (SHIB), and yearn.finance (YFI) are some of the cryptocurrency that performed well during the week. On Friday, for example, they gained by 6.12%, 5.51% and 4.69%, respectively Theta Fuel (TFUEL), Braintrust (BTRST), Chromia (CHR), (STORJ Conflux (CFX) and Tribe (TRIBE) were the biggest gainers within the last 24 of the week. Specifically, they had price increases of 24.93%, 10.74%, 10.59%, 6.73%, 5.3% and 5.3%, respectively.

On the other hand, the leading losers of the week included iExec RLC (RLC) NKN (NKN) and AirSwap (AST), whose values fell by7.59%, 5.63%, and 5.50%, respectively.

The Fear and Greed Index

The Fear and Greed index for the week increased from 25/100 to touch 27/100, showing a boost in confidence. This is because 27/100 indicates that the market moved out of the extreme fear zone. However, it is too early to conclude that we are out of the extreme fear zone for long.

Author: Mashell C., Gate.io Researcher
This article represents only the views of the researcher and does not constitute any investment suggestions.
Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.

ETH/USDT + 4.42%

BTC/USDT + 1.05%

DOGE/USDT + 6.57%

SHIB/USDT + 2.47%

AAVE/USDT + 4.34%

YFI/USDT + 5.27%

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Market Trend 22/8 - 28/8｜ETH’s momentum weakens despite the expected launch of the Merge, BTC fails to rally high, most top cryptocurrencies remained depressed

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