Bitcoin (BTC) is expected to remain under pressure due to increased selling and massive outflows from physical exchange-traded funds (ETFs). At the time of writing, BTC price is hovering within the $57,000 range, but if bulls do not bring about a much-needed corrective, the price is expected to fall further to $55,000.
Before proceeding, readers should be aware that the cryptocurrency market as a whole and coin prices are extremely volatile, and there is no surefire way to predict how cryptocurrencies will move in the future.
This article is intended to help investors stay on top of the current market situation, the biggest events that have already happened, and upcoming events to watch. Investors are advised to do their research before making any decisions.
Cryptocurrency prices over the past week
Last Monday (August 26th), the total cryptocurrency market cap was $2.25 trillion. BTC price was around $64,000. ETH price was around $2,750.
A week later, the total market capitalization had fallen to $2.2 trillion.
Check out today's top cryptocurrency prices
DeFi's total trading volume was $2.73 billion, accounting for 4.93% of the total 24-hour market volume. For stablecoins, the total trading volume was $50.91 billion, accounting for 91.80% of the total 24-hour market volume. According to CoinMarketCap, the overall market's Fear and Greed Index was “neutral” at 43 points out of 100.
At the time of writing, BTC's dominance stood at 56.41%.
In the past seven days, Bitcoin recorded a high of $63,901.78 (August 26) and a low of $57,273.38 (September 2).
Meanwhile, Ethereum hit a high of $2,746.04 (August 26) and a low of $2,414.65 (September 2).
Notable Crypto Events
Leading cryptocurrency exchange Coinbase has completed the first AI-to-AI cryptocurrency trade, achieving a major milestone in digital finance. CEO Brian Armstrong announced the groundbreaking development, marking a significant step forward in how artificial intelligence can interact with the world of digital currency.
Armstrong emphasized that this work opens new avenues for AI systems to autonomously acquire resources and collaborate with other AI agents and human users, which he said could revolutionize the way AI is integrated into financial systems and everyday interactions.
Meanwhile, the non-fungible token (NFT) market continued its downward trend in August 2024, with sales plummeting further after a steep drop in July. According to data from cryptoslam.io, NFT sales in August totaled approximately $376.3 million, marking a significant decrease of 41.36% compared to the previous month.
The market downturn was also reflected in participation numbers, with the number of NFT buyers down 29.04% over the month, and the number of sellers down 17.02%. Trading volume took a big hit, with approximately 7.45 million transactions recorded in August, down 50% from July.
Among the major blockchains, only Mythos Chain bucked the trend, reporting a 14.31% increase in sales. All other major blockchains in the market experienced declines, further highlighting the ongoing challenges the NFT sector has faced this year.
What Crypto Traders are Saying About the Current Market Scenario
Edul Patel, co-founder and CEO at Madrex, told ABP Live: “Bitcoin is likely to remain under pressure this week after dropping below $60,000 over the weekend on the back of increased selling and outflows from Bitcoin spot ETFs. Bulls will need to defend key support levels as the market prepares for a potential catalyst in the form of a rate cut by the US Federal Reserve in September. If Bitcoin fails to maintain its current position, it could see increased upward pressure towards the $55,700 support level.”
Subscribe and follow ABP Live on Telegram: t.me/Official Live
Disclaimer: Cryptocurrency products and NFTs are unregulated and may be highly risky. There may be no regulatory remedy for losses from such transactions. Cryptocurrencies are not legal tender and are subject to market risks. Readers are advised to seek professional advice and to carefully read the offer document and any relevant material literature before making any type of investment. Cryptocurrency market forecasts are speculative and investments are made at the reader's sole expense and risk.
