End of summer gash
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 28th August 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
Ranks Of Crypto Millionaires Swell
Summer's almost gone. The market rally of this past weekend has given way to a fresh downbound leg. Bitcoin is no longer nearing $65K. It's not even $60K. But the largest crypto is +45% YTD as of mid-week and lots of holders have cause to celebrate.
According to a new report from New World Wealth in conjunction with Henley & Partners, the number of Bitcoin-holding millionaires has risen to 85,400, a 111% increase in 12 months.
Meanwhile, the number of crypto millionaires in general surged to 172,300, up from 88,200 last year, the report said.
What's down
Dog Day Afternoon
As of Tuesday night, Bitcoin had shed 6% on route to $59,300. Ethereum and its rivals, including Solana and Avalanche, fared even worse yesterday, losing 7%-8% between noon and supper time on the East Coast.
Even steeper losses (10%-11%) were turned in by the likes of a big DeFi standard-bearer Uniswap (UNI) and a memecoin biggie, Pepe (PEPE).
"Altcoin investors need to keep the faith," said Charlie Morris, founder of ByteTree, wrote in a recent report. "It’s tough out there."
What's next
Legends Of The Fall
Just because there was a halving this past spring does not mean Bitcoin is obligated to rally during the final stretch of 2024. But add into the equation the compression of weekly trading ranges - flirting with levels historically only observed just prior to BTC breakouts - and die-hard holders are feeling optimistic.
True, BTC has traded sideways since recording its all-time high of $73.7K in March, "testing investor patience," as CoinDesk said.
Similar multi-month consolidation phases occurred during previous bull cycles. We're reminded of a just such stretch that took place between March and October of 2023. Recall that afterwards, BTC doubled to $50K. It was a distinctly parabolic period lasting between mid-October of '23 and late February '24. Then BTC shot even higher.
Popular trader CryptoCon pointed out that, based on an analysis of Bollinger Band ranges on the weekly timeframe, BTC is completing a sleepy stage in terms of volatility to the upside. But this lull could be the precursor of a break-out stage leading to new all-time highs, possibly starting as soon as this fall.
