Although the cryptocurrency market started the weekend with what appeared to be a breakout in prices, most crypto has now fallen slightly again. Total market cap briefly reached $2.29 trillion earlier this week, fell to $2.20 trillion last night and is currently hovering around $2.24 trillion. A breakout in prices appears to be imminent, but for the time being we remain in a consolidation phase. The fear & greed index briefly fell to “fear” (30) this week when fake litecoin (LTC) news caused a minor crash, but has now recovered to “neutral” (53):
Bitcoin Fear and Greed Index is 50 ~ Neutral pic.twitter.com/rmeMXQ9uHY
— Bitcoin Fear and Greed Index (@BitcoinFear) September 19, 2021
Bitcoin
Bitcoin (BTC) appeared to break out on Friday as the price jumped from $47,000 and touched nearly $49,000. However, the resistance there was too great for the time being and the BTC price dropped back to $ 48,000 yesterday.
The chance that bitcoin will break out soon still seems to be high and we may see a retest of the $50,000 soon. For now, though, it looks like bitcoin could just be stuck in this range for a while longer. Despite the price swings due to the fake news, bitcoin is still up 7% this week, and analysts are bullish about the price because of positive on chain data.
#BTC leverage flushed out, funding rate went back to neutral, more coins aging showing strong #HODL behavior, $30k to $40k buyers holding, exchange reserves at multi year lows, #bullish macro conditions with multiple catalysts, fundamentals strengthening.
Sorry #bears
— Daniel Joe (@DanielJoe916) September 18, 2021
altcoins
Much the same seems to be true for ethereum (ETH). The ether price still correlates strongly with bitcoin. Ether did gain a little bit more momentum earlier this week, reaching as high as $3,655, but then slumped back down again, reaching as high as $3,400 yesterday. This morning, ether is pushing towards USD 3,450 but appears to be facing too much resistance.
Cardano (ADA) was at $2.75 last weekend, but then plummeted lower and has since hovered around $2.40. On Wednesday, ADA made another attempt to move higher but fell below $2.58 and then fell back to the $2.40 mark.
Solana (SOL) made another sharp rise last night from about $160 to $170, but was rejected there and dropped back to $160 this morning. ADA and SOL are down 9% this week, making them the biggest losers from the top 10. SOL is now almost 25% below its all time high (ATH) from 10 days ago, but now seems to be getting ready for a rise again.
Polkadot (DOT) fell further last night. The DOT price reached $38 earlier this week, but is now back at $34. Nevertheless, DOT is still 9% in the plus this week, the strongest climber in the top 10 of the past 7 days.
Just outside the top 10, avalanche (AVAX) is 26% in the plus this week. AVAX has risen sharply over the past few weeks, correcting down yesterday, but is already making big jumps up this morning. Audius (AUDO) and curve (CRV) also performed well this week and are both up 25%.
But cosmos (ATOM) is the strongest riser from the top 100 this week. The ATOM price is up 43% and 100% this month, reaching a new ATH of $41.28 last night. ATOM is now in the top 20 largest crypto on the market with a market cap of $10.85 billion.
$ATOM lower time frame analysis:
Flipping prev ATHs to support. Imo looks good across the board. Would like to see the next move up sooner than later pic.twitter.com/JVYSeq4HoW— 🧸🔫🐧Pent◎shi Wont DM You (@Pentosh1) September 18, 2021