A persistently bullish price development on the global stock markets has also led to increases in the value of some altcoins on the crypto market in the last seven trading days. It is worth highlighting the strong price performance of the second largest cryptocurrency Ethereum (ETH). The Ether price temporarily rose above the psychologically important mark of $ 2,000 last weekend before investors realized more profits. In a week-on-week comparison, Ethereum is trading around eight percentage points higher at the current $ 1,900, despite slight profit-taking. In the meantime, the total market capitalization also rose to USD 1.2 trillion, thus reaching the breaking point of June 10 this year.
Investors are waiting for new economic data
Fresh impetus for the market could provide the latest figures on retail sales in the US tomorrow afternoon. If retail sales are weaker than expected, the US Federal Reserve may have to reconsider its current interest rate hike strategy in order not to strangle the US economy too much. Despite the slight profit taking on the crypto market at the beginning of the week, around half of the top 100 altcoins show a price increase in a week-on-week comparison.
Total market capitalization is presented on the basis of values of Cryptocap.
Price developments of the top-10 altcoins
- With a view to the price development of the top-10 altcoins in the last seven trading days, a mixed picture emerges. Seven of the top ten altcoins are seeing a weekly price increase.
- The majority of the ten largest cryptocurrencies outperform Bitcoin, which can only increase in value by about one percentage point on a weekly basis.
- The two memecoins Shiba Inu (SHIB) with a 29 percent increase in value and Dogecoin (DOGE) with a 24 percent price increase, on the other hand, significantly depend on their competition and are emerging as outperformers.
- Cardano (ADA) is also bullish with a six percent price increase and Solana (SOL) with a five percent price increase.
- On the other hand, Polkadot (DOT) is falling by five percentage points southwards after several bullish weeks and thus shows the largest price decline among the top-10 altcoins.
- The Binance Coin (BNB) has also been trending weaker in the last seven trading days and is losing two percentage points in value compared to the previous week.
Stability of the top-10
- Despite a slight price consolidation back to USD 24,000, the leading crypto currency Bitcoin is currently holding its ground well and defending the support zone between USD 23,800 and USD 23,600.
- As long as the BTC price does not dynamically fall back below this first relevant support area and subsequently also falls below the 22,400 USD sustainably, the price target for Bitcoin remains unchanged at 28,000 USD.
- In particular, the strong price performance of Ethereum is likely to continue to have a positive effect on the price development on the altcoin market until the “merge” on September 15.
- The ranking of the ten largest cryptocurrencies has two changes this week. After a strong weekly performance, the memecoin Shiba Inu rises by two places to the north back to ninth place and displaces Avalanche (AVAX) to 10th place.
- In addition, Dogecoin swaps places with Polkadot and jumps to seventh place.
Winners and losers of the week
- In the past trading week, more than 50 percent of the top 100 altcoins were able to increase in value again. However, only 12 altcoins have a price increase of more than 10 percentage points.
- Once again, the Celsius Token (CEL) shows the most bullish weekly performance with a 48 percent price increase. Despite the recent strong performance, investors should not disregard the ongoing insolvency proceedings and provide their positions with a stop loss.
- After a long time, the football token Chiliz (CHZ) is again among the top performers with a 37 percent increase in value. Investors seem to be paying tribute to the recent entry into the media department of the FC Barcelona football club.
- Also bullish was the Celsius competitor NEXO (NEXO), which was also able to gain 26 percent in the slipstream of the CEL token.
The number of weekly losers is limited
- The list of this week’s underperformers is led by BitDAO (BIT) with a 30 percent price drop, followed by ApeCoin (APE) with a 13 percent price correction.
- Maker (MKR) and helium (HNT) also each lose 12 percent in value in a week-on-week comparison.
- If the crypto reserve currency Bitcoin can continue to hold its ground above the 22,400 USD in the next seven trading days, this should once again have a positive effect on the altcoin sector.