TL;DR

• BTC is up & ETH is up

• BTC under-performed ETH this week 

• Bitcoin dominance is down

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

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BTC & ETH Market Update 📈

Crypto is up this week, with BTC being up 4.4% and ETH up 5.3%:

Bitcoin dominance has decreased over the week, rising from 54.6% to a peak of 54.62% and ending at 53.84%. Bitcoin is down due to strong bullish momentum, altcoin performances, successful breakouts above key levels, negative 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.

Bitcoin has seen a significant price surge, reaching a two-month high of $66,194. This increase is largely attributed to China's economic stimulus measures, which have boosted its stock market.

The broader market sentiment, influenced by the Federal Reserve's interest rate cuts and positive economic indicators, has also contributed to Bitcoin's upward momentum.

Despite a slight pullback from the recent peak, Bitcoin remains supported above $65,000, suggesting a continued bullish trend.

Ether's price is currently hovering around $2,600, with a crucial options expiry approaching on September 27th. Bulls and bears are locked in a battle, with bulls hoping to push the price above $2,700 to secure a significant advantage in the options expiry.

Recent macroeconomic factors, such as interest rate cuts and a weakening economy, have favored Ether's price, but the disappointing launch of a spot ETF has introduced some uncertainty.

Ethereum (ETHUSD) Analysis:

Ethereum has recently broken a falling trend but issued bearish signals after falling below the support level of 2,887, suggesting potential declines to around 2,116. Key support is at 2,230, with resistance at 2,900. Volume analysis shows weak correlations with price movements, indicating uncertainty. With significant volatility in recent days, investors should approach with caution and closely monitor price actions before making decisions.

Bitcoin (BTCUSD) Analysis:

Bitcoin is currently trading at 65,428.00, showing positive momentum within a short-term rising trend channel. It faces resistance at 71,000 and support around 64,000. While the short-term outlook is positive, the medium term is neutral as Bitcoin trades within a horizontal channel between 53,252 and 67,753. Despite a high RSI indicating potential overbought conditions, the long-term trend remains favorable. Overall, the recommendation is to remain positive in the short term while holding in the medium and long terms.

Expected Trading Ranges:

• Ethereum (ETH): resistance level at $2900 and support at $2,230.

• Bitcoin (BTC): resistance level at $71,000 and support at $64,000.

Market Outlook:

Bitcoin has seen a recent surge, reaching a two-month high. The bullish trend is supported by factors like China's economic stimulus and positive market sentiment. However, it's essential to monitor for potential pullbacks and remain cautious about short-term fluctuations.
Ether's price is near $2,600, with a crucial options expiry on September 27th. Bulls aim to push the price above $2,700, while bears seek to profit from any weakness. The expiry's outcome will likely shape Ether's short-term price direction.

BTC/ETH ratio has seen an increase:

Over the last six days, the BTC to ETH conversion rate has shown a general upward trend, increasing from 24.22 ETH on September 24 to 24.51 ETH on September 28. This represents an overall increase of about 1.29 ETH during this period, with fluctuations along the way, including a slight decrease on September 27. The recent performance indicates that Bitcoin has strengthened against Ethereum in this timeframe.

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Hot Coin: RUNE 🔥

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

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

What is the project about?

THORChain is a decentralized cross-chain liquidity protocol designed to enable seamless, non-custodial swaps of assets between different blockchain networks.

Built on the Cosmos SDK, THORChain utilizes an automated market maker (AMM) model to facilitate these swaps, allowing users to trade cryptocurrencies across previously non-interoperable blockchains without the need for intermediaries.

This cross-chain functionality allows for native asset settlements between major blockchains such as Bitcoin, Ethereum, BNB Chain, Avalanche, Cosmos Hub, Dogecoin, Bitcoin Cash, and Litecoin, setting THORChain apart from other decentralized exchanges which typically operate within a single blockchain network.

Why is the project exciting now?

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

• Groundbreaking Cross-Chain Swaps

• Imminent Mainnet Launch

• Backed by Prominent Investors

• Expanding Ecosystem

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