empty
28.08.2023 10:08 PM
New week starts with new declines in BTC and other cryptos

Monday morning saw Bitcoin began the week with a decline, maintaining this trajectory throughout the day. As of the time of writing, the value of BTC hovers near the $26,114 mark.

This image is no longer relevant

According to CoinMarketCap, over the past 24 hours, Bitcoin's peak price reached $26,165, with a low of $25,991.

Meanwhile, the cryptocurrency market experienced diverse sentiments in the past week. Over the last seven days, BTC tested levels below $26,000 and even flirted with the $27,000 mark. Nevertheless, its value scarcely changed by week's end.

The preceding week exhibited a noteworthy influence on digital currency markets stemming from the uncertain dynamics of the US stock markets. At the close of the five-day trading span, the Dow Jones Industrial Average dropped by 0.4%, the S&P 500 grew by 0.8%, and the Nasdaq Composite surged by 2.3%.

Significantly, experts have highlighted an increased correlation between cryptocurrency and stock markets in recent months.

In late February, analysts from the American investment company Bernstein revealed that in January, the correlation between digital gold and the NASDAQ Composite index plummeted from 0.94 to 0.58.

According to Bernstein experts, the cryptocurrency market teeters between bullish and bearish trends, awaiting further catalysts. Simultaneously, its responsiveness to critical news and events in the financial world has notably diminished.

In early 2022, analysts, conversely, frequently emphasized a high level of correlation between the American stock market and the virtual asset market. This occurred against the backdrop of tense anticipation for both the implications of the geopolitical conflict in Eastern Europe and the subsequent actions of the US Federal Reserve. In the middle of the past year, experts from Arcane Research declared that the correlation between BTC and technology equities had reached its zenith since July 2020.

Meanwhile, economists at Trading View asserted that in the fourth quarter of 2022, the correlation between the cryptocurrency market and the US stock market stood at 70%.

Altcoin market movements

Ethereum, the chief rival to Bitcoin, also started Monday with a decline and maintained this trajectory throughout the day. At the time of writing, the coin is trading at $1,648. Over the past week, the ETH price barely shifted, closing the seven-day span near the $1,658 mark.

Analysts anticipate that the coin's future trend will depend on whether it falls below $1,600 or rises above $1,950.

Turning to the top-10 cryptocurrencies by market capitalization, within the past 24 hours, the most favorable outcomes were seen for Solana (+1.05%), while XRP suffered the most (-10.48%).

Looking back on the previous week, within the top-ten cryptocurrencies, the decline list was led by Solana (-4.69%), while the growth list was led by Tron (+2.17%).

According to CoinGecko, the world's largest aggregator of virtual asset data, within the last 24 hours among the top 100 most capitalized digital assets, the highest increase was achieved by dYdX (+4.63%), whereas Theta Network saw the biggest decrease (-4.78%).

Over the past week, among the top hundred strongest cryptocurrencies, the poorest results were demonstrated by Pepe (-21.72%), while the best performer was dYdX (+12.85%).

According to CoinGecko's data, as of Monday evening, the total market capitalization of cryptocurrencies stands above the significant key level of $1 trillion, amounting to $1.033 trillion. This figure has decreased by 0.23% over the past day.

Since reaching its peak above $3 trillion in 2021, the cryptocurrency market capitalization has shed over $2 trillion.

Traditionally, August is considered an unfavorable period for Bitcoin. Over the past 12 years, the crypto ended this month with gains in only five instances and losses in seven.

The average August gain is around 26%, while losses average around 16%. If in the current August, the primary cryptocurrency attempts to replicate the approximate dynamics of previous years, it could rise to $36,800 in a month, renewing this year's highs, or plummet to $24,500, setting new lows for June.

In the previous July, Bitcoin experienced a 4% decline, closing the month around the $29,200 mark. At the close of June, the price of BTC surged by 12.1% to reach $30,400. In May, Bitcoin declined by 7.6%, ending the month at $27,100. April saw BTC lose nearly 10%. As of the end of March, the coin's value soared by 22.6%, marking the third consecutive month of growth amid the normalization of the banking crisis situation.

Bitcoin wrapped up the preceding February with a 0.9% increase, reaching $23,200, and gained almost 40% in the first month of 2023. This made January the best month for Bitcoin since October 2021. Notably, January to March of this year proved to be the best quarter for the coin since the start of 2021, with BTC emerging as one of the most profitable assets.

The key driver behind the growth of the digital currency market since the beginning of 2023 has been the impending crisis in the traditional financial market. Securities and bonds are navigating a rather challenging period. This is precisely why we are witnessing an ever-growing inclination among investors worldwide to invest in virtual currencies.

Irina Maksimova,
Pakar analisis InstaForex
© 2007-2025
Pilih carta masa
5
min
15
min
30
min
1
jam
4
jam
1
hari
1
minggu
Jana pendapatan melalui perubahan kadar mata wang kripto dengan InstaForex.
Muat turun MetaTrader 4 dan buka dagangan pertama anda.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    SERTAI PERADUAN

Artikel yang dicadangkan

Pasaran di persimpangan: Dow Transports menurun dan Eropah meningkat

Purata Pengangkutan Dow Jones telah merosot lebih daripada 17% daripada kemuncaknya pada bulan November. Sementara itu, ekuiti Eropah sedang meningkat menjelang tinjauan aktiviti perniagaan yang akan datang. Minggu depan membawa

12:39 2025-03-24 UTC+2

Perang Kewangan: Minyak, Gas dan Sekatan dalam Permainan Kuasa Besar

Dalam dunia kewangan, setiap hari adalah medan pertempuran bagi menguasai pasaran. Sepertimana para pedagang meraikan kenaikan harga, arus pasaran boleh berubah dalam sekelip mata. Pada hari Jumaat, niaga hadapan

Natalia Andreeva 12:39 2025-03-24 UTC+2

Ringkasan Berita Pasaran AS untuk 24 Mac

Dasar tarif Trump memberikan tekanan kepada pasaran: apakah yang bakal berlaku? Kekecewaan pelabur terhadap pendekatan perdagangan pentadbiran Trump telah mencetuskan aliran keluar modal dan memberi kesan negatif kepada S&P

Ekaterina Kiseleva 11:21 2025-03-24 UTC+2

Ringkasan Berita Pasaran Amerika Syarikat untuk 21 Mac

Pasaran saham A.S. dalam ketidakpastian meskipun data ekonomi positif seperti pertumbuhan mengejut dalam jualan rumah sedia ada Pada hari Khamis, indeks-indeks utama saham AS ditutup dalam wilayah merah: Dow Jones

Natalia Andreeva 14:48 2025-03-21 UTC+2

Tindakan Fed untuk mengelak kejatuhan BTC? BTC mencari kestabilan

Sesetengah penganalisis berpendapat bahawa dasar monetari semasa Rizab Persekutuan — khususnya keputusannya untuk mengekalkan kadar faedah dan memperlahankan pengetatan kuantitatif (QT) — boleh memberikan sokongan yang ketara kepada Bitcoin. Menurut

Larisa Kolesnikova 13:11 2025-03-21 UTC+2

Ringkasan Berita Pasaran AS untuk 20 Mac

Walaupun S&P 500 menunjukkan optimisme, pertumbuhannya sejak 14 Mac dilihat lebih sebagai pembetulan. Pergerakan menuju julat sasaran 5,881–5,910 menjadi lebih mungkin jika harga mengukuh di atas 5,769. Ini boleh mengukuhkan

Ekaterina Kiseleva 11:26 2025-03-20 UTC+2

Ringkasan Berita Pasaran Amerika Syarikat untuk 19 Mac

Saham AS merosot menjelang keputusan Fed dan ketegangan geopolitik meningkat, emas capai paras tertinggi sepanjang masa di tengah-tengah ketidakstabilan Nvidia, yang sepatutnya meraikan permulaan persidangan pembangun tahunannya, sebaliknya menyaksikan sahamnya

Natalia Andreeva 10:52 2025-03-19 UTC+2

Pasaran dalam kebimbangan: Nasdaq jatuh 1.71% manakala emas mencapai paras tertinggi

Saham teknologi merosot ketika emas melonjak ke rekod baharu Nvidia jatuh ketika persidangan tahunan pemaju perisian bermula. Tesla susut selepas RBC mengurangkan sasaran harga pada saham itu. Emas melonjak

09:35 2025-03-19 UTC+2

Ringkasan Berita Pasaran AS bagi 18 Mac

Jualan Runcit Meningkat, Sektor Pembuatan Merosot: Apakah Yang Seterusnya untuk Pasaran Saham? Data Februari menunjukkan peningkatan 0.2% dalam jualan runcit AS, menandakan aktiviti pengguna yang kukuh. Namun, aktiviti perkilangan

Ekaterina Kiseleva 13:51 2025-03-18 UTC+2

EUR/USD Berhenti Sebentar Ketika Ramalan S&P 500 Memburuk – Bagaimana Mencari Keseimbangan?

Pasaran global pada masa ini sedang bergelut untuk mencari keseimbangan dalam pasangan mata wang utama dan instrumen saham. Ini amat mencabar memandangkan penurunan nilai euro baru-baru ini dan kelemahan dolar

Larisa Kolesnikova 07:52 2025-03-18 UTC+2
Tidak boleh bertanya sekarang?
Tanya soalan anda di Ruangan bersembang.
Panggilan semula Widget
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.