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 $TIA

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BTC & ETH Market Update 📈

Crypto is up this week, with BTC being up 4.6% and ETH up 4.3%:

Bitcoin dominance has decreased over the week, rising from 54.34% to a peak of 55.26% and ending at 54.6%. 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 price has increased approximately 2.5% to over $64,120, driven by dovish monetary policies from the Bank of Japan and the U.S. Federal Reserve.

The Bank of Japan's decision to maintain steady interest rates alleviates concerns around borrowing costs, encouraging investors to leverage cheap yen for higher-yielding assets like Bitcoin.

Meanwhile, the Federal Reserve's recent 50 basis points rate cut makes speculative investments more appealing, as traditional safer assets lose attractiveness, fostering bullish sentiment among traders.

Ethereum (ETH) has also seen a significant rally this week, rising 11%, marking its largest gain in Q3 2024. This upward momentum is influenced by the same 50 basis point rate cut by the U.S., suggesting a global trend towards interest rate easing.

This macroeconomic shift has ignited renewed interest in crypto assets, leading to four consecutive days of price increases for ETH.

Ethereum (ETHUSD) Analysis:

As of September 20, 2024, Ethereum (ETH) closed at $2,528.66, up $125.63, but the medium-term outlook remains bearish due to a falling trend channel and a double top formation indicating potential declines to $2,116 or lower.

While ETH recently broke a resistance level, signaling short-term positivity with support at $2,230 and resistance at $2,900, historical volume trends suggest increasing pessimism among investors. Significant volatility is evident, particularly over the past 22 days, reinforcing the need for cautious investment strategies while monitoring key price levels.

Bitcoin (BTCUSD) Analysis:

Bitcoin's price is currently at $63,855.00, showing a 2.84% increase. In the short term, it faces resistance at $64,000, with a weak negative outlook if this level isn't breached. Medium-term analysis indicates uncertainty within a range between support at $53,448 and resistance at $67,942, though the rising RSI suggests potential upward movement.

Long-term, Bitcoin remains in a rising trend channel, reflecting strong buy interest and a weak positive outlook, with support at $53,000 and resistance at $71,000. Overall, cautious optimism prevails, hinging on key resistance levels.

Expected Trading Ranges:

• Ethereum (ETHUSD): $2230 (support) - $2900 (resistance)

• Bitcoin (BTCUSD): $53448 (support) - $71000 (resistance)

Market Outlook:

The market outlook for Bitcoin is cautiously optimistic, fueled by dovish central bank policies and rising investor confidence. With the price hovering around $64,120, increased open interest in futures at $34.39 billion and positive funding rates suggest strong bullish sentiment.

Ethereum is currently experiencing a bullish trend, driven by a recent price rally and a breakout above key resistance levels, with targets set around $2,800. Technical indicators, such as the 200-day EMA break, reinforce this positive outlook, though traders should be mindful of potential pullbacks to the $2,400 level.

BTC/ETH ratio has seen a decrease:

In the last six days, the BTC to ETH conversion rate has generally experienced a decrease, dropping from 25.53 ETH on September 15 to 24.56 ETH on September 21, marking a decline of approximately 3.8%. This trend included fluctuations with a peak at 26.16 ETH on September 18 before the rate fell steadily, indicating a recent downward trajectory in the conversion rate despite a slight uptick of 0.04% in the last 24 hours.

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Hot Coin: TIA 🔥

In this week’s newsletter, we dive into Celestia’s token with the ticker $TIA.

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

What is the project about?

Celestia is a modular blockchain network that decouples consensus from data availability and execution. This is done to create a more scalable and flexible foundation for decentralized applications (dApps) and other blockchain platforms.

Here's the kicker: With Celestia, developers can deploy their own blockchains without the need to bootstrap security or set up their own validator set because Celestia provides the necessary infrastructure. It’s like the DJ of the blockchain party, keeping the beat going for everyone to dance to their own tunes.

Why is the project exciting now?

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

• Data Availability Is The Hot New Thing

• The “real” Cosmos Hub

• Airdrops

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