TL;DR

• BTC is up & ETH is up

• BTC over-performed ETH this week 

• Bitcoin dominance is down

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

Latest & Greatest 📰

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BTC & ETH Market Update 📈

Crypto is up this week, with BTC being up 5.2 % and ETH up 2.1%:

Bitcoin dominance has decreased over the week, rising from 53.6% to a peak of 54.31% and ending at 53.7%. Investor sentiment, regulatory changes, technological advancements, and the overall growth of the cryptocurrency sector shape Bitcoin's market dominance. Its reputation as "digital gold" also enhances its position, making it a key player in the market.

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.

Bitcoin’s recent rally above $60,000 is supported by resilient US job and inflation data, alongside steady inflows into spot Bitcoin ETFs.

The cryptocurrency gained 4% between August 21 and 22, maintaining the $60,000 support level despite some momentum loss.

Analysts suggest that a breakout above the $62,000 resistance is crucial for confirming a bullish trend.

Ether’s price has dipped to $2,639, reflecting a 13% drop below the $3,000 level since early August.

However, signs suggest that this correction may be reaching its conclusion. CryptoQuant analyst Burak Kesmeci highlights two key metrics: the taker buy-sell ratio and open interest (OI), indicating a potential rebound.

Ethereum (ETHUSD) Analysis:

Ethereum (ETH) has recently closed at $2,616.18, showing a short-term recovery but indicating potential weakness in the medium term.

The breach of the rising trend channel and the double top formation suggest further declines could occur, with support at $2,200 and resistance at $2,900.

Volatility is high, with significant drops in volume balance over various periods, signaling caution in the market.

Bitcoin (BTCUSD) Analysis:

Bitcoin (BTC) recently closed at $60,527.00, showing a short-term decline within a falling trend channel.

Resistance is approaching at $61,400, with a potential negative reaction expected unless the price breaks above this level.

The medium-term outlook is slightly positive with recent gains, but volume patterns suggest possible weakness. Long-term trends remain neutral, with key support at $53,694 and resistance near $70,000.

Expected Trading Ranges:

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

• Bitcoin (BTC): Support: $53,000 Resistance: $70,000

Market Outlook:

Bitcoin (BTC) is experiencing short-term declines with resistance at $61,400, while medium-term trends show slight positivity. Long-term, Bitcoin remains in a rising trend with support at $53,694.

Ethereum (ETH) faces bearish medium-term prospects, with potential declines to $2,116 and resistance at $2,900. Both cryptocurrencies suggest a cautious approach.

BTC/ETH ratio has seen an increase:

Over the last five days, the BTC to ETH rate has seen a slight increase. It rose from 22.58 ETH on August 19, 2024, to 23.03 ETH on August 23, 2024, marking an overall gain of 2%. Despite fluctuations, including a drop on August 22, the trend has been upward during this period, indicating a modest increase in Bitcoin's value relative to Ethereum.

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Hot Coin: BLD 🔥

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

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

What is the project about?

Agoric is a smart contract platform designed to make decentralized finance (DeFi) accessible to millions of developers by leveraging Hardened JavaScript, offering a secure and familiar environment for building decentralized applications (DApps), NFTs, and DeFi markets.

As part of the interchain ecosystem, Agoric’s blockchain mitigates risks inherent in decentralized financial systems built on Proof of Stake (PoS) consensus.

With over 30 years of experience, Agoric aims to create a robust crypto-economic library similar to Node.js and React.js for JavaScript developers.

Why is the project exciting now?

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

• JavaScript Accessibility

• DeFi Security and Composability

• Scalable and Interoperable Infrastructure

• Dual-Token Economy and Governance

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