TL;DR

• BTC is down & ETH is down

• BTC over-performed ETH this week 

• Bitcoin dominance is up

• The hot coin we look at this week is $LVN

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BTC & ETH Market Update 📈

Crypto is down this week, with BTC being down 5.0% and ETH down 14.9%:

Bitcoin dominance has increased over the week, rising from 53.06% to a peak of 54.66% and ending at 54.3%. Bitcoin dominance is up due to strong bullish momentum, significant short position liquidations, successful breakouts above key levels, positive market sentiment, and ongoing institutional interest.

It’s going to be interesting to see whether this trend will continue in the short term, as capital in crypto tends to flow initially to BTC and then further out on the risk-curve, starting with altcoins like ETH and then into mid- or low-cap coins.

Ethereum's native token, Ether (ETH), is having a tough time in the spotlight, recently dipping to a three-year low against Bitcoin (BTC) amid a turbulent market, with ETH/BTC returns down 25% for the year.

Even the much-hyped launch of spot Ether ETFs in the U.S., which were supposed to lure in institutional investors, has been met with a bit of a shrug, resulting in a notable outflow of $387.7 million.

It seems Ether's grand entrance didn’t quite steal the show as planned.

Bitcoin speculators are in for a rough ride, with 93% of short-term holders (STHs) now drowning in unrealized losses following a $365 million market wipeout.

After Bitcoin took a nosedive to $49,500, STHs are seeing the biggest unrealized losses since the FTX debacle. It seems like recent buyers are now feeling the full weight of their high-risk bets—talk about a crash course in financial stress!

Ethereum (ETHUSD) Analysis:

On August 8, 2024, Ethereum (ETH.CPT) closed at 2,435.87, down by 76.40 points. The cryptocurrency has broken below a key rising trend channel in the medium to long term, suggesting a potential shift to slower upward momentum or horizontal price action.

The bearish sentiment is further reinforced by a double top formation, indicating a possible drop to the next support level around 2,116.

Concurrently, Ethereum is losing ground to Solana (SOL), with the SOL/ETH pair reaching record highs, reflecting Solana's growing dominance in the blockchain space. Technically, Ether remains in a downtrend against Bitcoin

Bitcoin (BTCUSD) Analysis:

On August 8, 2024, Bitcoin closed at 57,128.00, up 233.93 points. In the short term, it's trading within a horizontal range with support at 55,200 and resistance at 60,800, showing potential weakness.

Medium-term analysis suggests a deceleration in its upward trend, with support at 54,158 and resistance at 69,102. Long-term, Bitcoin remains in a rising trend, indicating overall positive momentum, with key levels at 45,000 (support) and 70,000 (resistance).

The outlook is cautiously optimistic, with potential targets up to 88,170.

Expected Trading Ranges:

• Ethereum (ETH): Support: $2,200 Resistance: $2,900

• Bitcoin (BTC): Support: $45,000 Resistance: $70,000

Market Outlook:

Bitcoin shows bullish momentum, bolstered by positive U.S. data and short liquidations. Ethereum struggles with underperformance and weak ETF response, while Solana gains ground. Monitor technical levels and market sentiment for future trends.

BTC/ETH ratio has seen an increase:

Over the past 6 days, the BTC to ETH conversion rate has shown a general increase. Starting from 21.55 ETH on August 4, 2024, it rose to 22.86 ETH by August 9, marking an overall increase of 6.11%. Despite some daily fluctuations, including a slight decrease of 1.38% on August 9, the rate has generally trended upwards, reflecting a positive movement in Bitcoin's value relative to Ethereum over this period.

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Hot Coin: LVN 🔥

In this week’s newsletter, we dive into Levana’s token with the ticker: $LVN.

The price action and volume have been growing consistently and don’t seem to stop any time soon:

What is the project about?

Levana, short for “Leverage any Asset,” Levana is a decentralized exchange protocol on the Juno blockchain, designed for leveraged trading of any asset.

Incubated by Delphi Labs and collaborating with Mars Protocol, Levana's Well-funded Perps offers perpetual swaps with pre-locked maximum profits, eliminating bad debt and insolvency risks.

Traders benefit from a secure trading environment, while liquidity providers earn fees and risk premiums for supplying collateral.

By addressing limitations of traditional perpetual swap models and reducing market contagion, Levana creates a robust, capital-efficient platform for fair settlement and expanded financial protocols.

Why is the project exciting now?

There are four main reasons why we feature this project in this week’s newsletter:

• Innovative Risk Management

• Decentralized and Permissionless Trading

• Enhanced Market Efficiency and Expansion

• Scalability and Expansion Potential

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