Market Trend 29/8 - 4/9｜Prices of Bitcoin and ETH remain depressed, most Altcoins maintains sideway price movements

Overall market situation

The market has been very quiet throughout the week, with most cryptocurrencies within the top 100 recording small up or down margins of within 5%. However, on Friday morning the situation improved for a few hours when most major cryptocurrencies were in green. The week closed with a total crypto market capitalization of about $981.86 billion after a 0.09% increase within 24 hours. According to CoinMarketCap, the leading crypto price data aggregator, the last 24 hours of the week had a total trading volume of $62.41 billion, representing a 9.77% from the previous trading session.






Performance of bitcoin

The price of bitcoin dropped below $20 000 following the hint by the Federal Reserve that it will continue with its tight monetary policy until the level of inflation falls to the expected rate. According to some crypto analysts, reasons for the Federal Reserve’s tight grip on its monetary measures include the fear of a recession arising from the effects of the War in Ukraine, increasing interest rates and soaring inflation.

The price of BTC remained depressed for the greater part of this year, struggling to rise above $30 000. In spite of the continuous up and down momentum, its value is far lower than $50 000 it reached in the last days of December. Specifically, the price of BTC during the week has been fluctuating between $19 000 and $23 000. Coin360 presents BTC’s trading range for the week.

According to CryptoCompare, the highest price of bitcoin during the week was $20 465.12, while the lowest was 19 559.37. Although the price of BTC rose to $20,436 on Friday, it fell to below $19,900 later in the day.



Performance of ETH

Basically, ETH failed to hold onto the $1 600 level it attained, although it traded between the range of $1 400 and $1 607. In fact, it only breached the $1 600 price mark for a short time on Friday, before it tumbled down to $1,555. The statistics on CryptoCompare shows that the highest price of ETH for the week was $1 606.55 while its lowest was $1 426.40. CoinGecko presents ETH’s trading activities in the following graph.

Overall, Ethereum was a better market performer than other major cryptocurrencies like BTC. The reason could be the approaching date for the Merge.



Layer1 blockchain tokens

The layer-1 blockchain tokens including Cardano (ADA), Solana (SOL), Polkadot and Matic struggled throughout the week, with daily fluctuations within the 5% range. For example, within the last 24 hours of the week, the price of DOT rose by 1.03% while that of Matic by 3.08%. Cardano and SOL marginally gained 1.10% and 1.02% respectively. Coin360 has a snapshot performance of Cardano in form of a graph.




Author: Mashell C., Gate.io Researcher
This article represents only the views of the researcher and does not constitute any investment suggestions.
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