🔊Weekly Market Highlights #114: September 2 - September 8
✨The cryptocurrency market declined steeply in early September, sparking frustration and fear among investors.
✨Over the past week, the crypto market total capitalization decreased by ~$75B (from ~$2031B to ~$1956B).
✨BTC Maintains $54K
✅It was another bearish week for BTC, despite a brief surge toward $60K on Tuesday. The asset faced rejection and dropped sharply, reaching $55.5K by Wednesday.
✅On Thursday, BTC hit another lower, slipping to $55.2K by Friday in anticipation of the US jobs report. After the report revealed a slight drop in unemployment rates, BTC surged by $1,500 in minutes, reaching $57K.
✅However, the rally was short-lived, and BTC plunged by over $4K within minutes, hitting $52.8K. On Saturday, the bulls stepped in for a minor recovery, pushing BTC to just over $54K.
✅Since then, trading has remained mostly sideways, with BTC hovering about $500 above that level. Despite this, BTC is down 7% for the week, bringing its market cap to $1075B.
✨SUI Takes Main Stage
✅Most altcoins are in the red weekly, similar to BTC. ETH fell to $2.15K, mirroring its decline from August 5. It has since recovered slightly and is now trading around $2.3K.
✅BNB, SOL, XRP, TRX, SHIB, and LINK also saw slight price declines at 3% - 5%.
✅On the other hand, the biggest gainer from the top 50 alts is SUI, which has skyrocketed by almost 17%. As a result, the token now stands around ~$0.92
✅Total 2 Index (Marketcap excluding BTC) is now at $820B
✨Bitcoin Fear and Greed Index is 27 - Fear, higher than at the beginning of the week (26)
✨Dominance:
✅BTC: 55.8%
✅ETH: 14.2%
📣See you next week!
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