Bumpy descent
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. 19th 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
Tensions High As BTC Battles To Reclaim $60K
The volatility of mid-August 2024 has been an on-chain ulcer factory. Some analysts have remained bullish but many traders are emotionally drained.
Deep down, Bitcoin wants to be at least $60,000 but it probably needs therapy (and more liquidity) to work out some issues.
As of Monday at 7:35 a.m. (EST), the most enormous digital asset cowered near $58,000. Over the weekend, BTC reclaimed some self-worth by clawing to as high as $60,300 following an embarrassing episode slipping below $57K this past Thursday.
Green-tinted big coin streakers include XRP, Toncoin and Tron. Each is up about 3% over the past 24 hours.
What's down
Hot Helium Cools
The majors are seeing red. Bitcoin and Ethereum each fell about 3% over the past day.
Among the ranks of the Top 100, Helium tumbled hardest. HNT lost 11% as it returned to being roughly $7. On Sunday, HNT, CoinGecko's 64th-largest coin, reached $7.90, or nearly double what it was merely a fortnight ago.
Total global crypto assets, as measured by the market capitalization of every coin combined, per CoinGecko, stand at $2.15 trillion, down 3.3% in 24 hours.
What's next
Macro Mosaic Comes Into View
Crypto turbulence is likely to linger. The environment may not be for the faint of heart. Go ahead and search "BTC" and "Mt. Gox distributions" (if you dare).
But there's always a bullish analyst somewhere.
"We remain constructive and bullish into year-end," says the team at QCP Capital. "One particularly encouraging factor is the market’s resilience to various ‘supply-shock’ headlines this week."
That goes for both BTC and ETH, according to QCP, per Decrypt.
This see-saw ride could be more of a seasonal thing, said Ryan McMillin, CIO at Merkle Tree Capital.
McMillin told Decrypt that "August and September are typically weak months for Bitcoin, and we might be feeling the low liquidity summer period."
But macro is undoubtedly "moving in the right direction," he added.
