Things took a turn for the worse in the past seven days as the leading cryptocurrencies plunged. The total market capitalization is down some $115 billion in seven days as multiple leading coins dropped by double-digit percentages. With that said, let’s unpack.
Bitcoin trades at around $21,500, which is exactly 10% below its price at this time last week. The leading cryptocurrency by means of total market capitalization failed to overcome the critical resistance at $25K, and, with the exception of a few brief periods, the price was going down only.
Bitcoin’s dominance – the metric that tracks BTC’s share relative to that of the entire market – currently sits at 38.55%. This is more or less the same as it was seven days ago, which means that the altcoins failed to capitalize on Bitcoin’s indecisiveness.
Ethereum’s price crashed by about 9.5%, and it currently trades at $1,700. Many in the industry are worried that the Merge rally might be cooling off. Also, it’s worth noting that the Chicago Mercantile Exchange also announced plans to launch options for Ether futures on September 12th, which might also be part of the reason for the decline.
It’s also no surprise that most of the conversations in the industry are centered around Ethereum’s transition to proof-of-stake, as well as what the implications of this move might be. Arthur Hayes, the former CEO and co-founder of BitMEX is of the opinion that ETH’s price will skyrocket the way BTC does after a halving.
Binance coin is down 12.4%, XRP – 10.6%, Cardano -11.9%, Solana – 14.1%, and so forth. One of the outliers is Shiba Inu. The Dogecoin-inspired memecoin is up 7.5% over the past week as many other memecoins related to the popular dog breed skyrocketed. As the week progressed, however, many of them saw their gains dissipate.
Anyways, it remains interesting to see how the market will shape up in the coming week and whether or not the Merge rally will pick up speed once again.
Market Cap: $1,080B | 24H Vol: $98B | BTC Dominance: 38.55%
BTC: $21,544 (-10%) | ETH: $1,703(-9.5%) | ADA: $0.46 (-11.9%)
This Week’s Crypto Headlines You Can’t Miss
CME Group Plans to Launch Options for Ether Futures Ahead of Merge. One of the largest derivatives marketplaces, the Chicago Mercantile Exchange (CME), announced its plans to offer options on ETH futures. The new product is expected to launch on September 12h, and it is subjected to regulatory review.
Vitalik Buterin and Ripple’s CTO Engage in Twitter Spat Over XRP. The co-founder of Ethereum, Vitalik Buterin, engaged in a Twitter argument with the CTO of Ripple – David Schwartz. They were discussing the claim of whether or not Bitcoin and Ethereum represent securities.
Coinbase CEO Would Shutdown ETH Staking Service if Asked to Bend to Regulators. Contemplating a hypothetical situation, the CEO of Coinbase, Brian Armstrong, said that if pushed by regulators, the exchange would shut down ETH staking services. He also said that he would refuse to censor the Ethereum blockchain using his platform’s concentrated stake in Ethereum.
HUSD Stablecoin Loses Dollar Peg, Huobi Supposedly Jumped Ship in April. HUSD became the latest stablecoin to lose its parity with the dollar as the cryptocurrency plummeted below $0.90. Huobi claimed that they had left the project in April but will do whatever they can to help restore the troubled liquidity.
The Merge Will Rally Ethereum Like a Bitcoin Halving: Arthur Hayes. According to Arthur Hayes, founder, and former CEO at BitMEX, Ethereum’s transition to proof of stake will have similar effects on the price of ETH as Bitcoin’s halving to BTC. He thinks that The Merge will not be a “sell the news” type of event.
NY Judge Allows Celsius to Sell the Bitcoin it Mines. Based on the company’s financial projections, Celsius Network is due to run out of cash by October. With that said, a New York judge has approved Celius’ request to sell some of the BTC that it mines during its bankruptcy process.
This week we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Dogecoin – click here for the complete price analysis.
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Cryptocurrency charts by TradingView.