The crypto market is up today, and 95 of the top 100 coins have appreciated over the past 24 hours. Overall, the cryptocurrency market capitalization has increased by 2% and has crossed the $4 trillion mark again, now standing at $4.01 trillion. At the same time, the total crypto trading volume is at $155 billion.
At the time of writing, seven of the top 10 coins per market capitalization have increased over the past 24 hours.
Looking at the top 100 coins, only five are down at the time of writing.
Meanwhile, Ant Digital Technologies, a unit of Ant Group, is reportedly utilizing more than 60 billion yuan, or about $8.4 billion, of energy infrastructure and power assets for its blockchain. Therefore, this is one of the largest real-world applications of digital ledgers in China.
The enterprise arm of the fintech giant has linked more than 15m devices such as wind turbines and solar panels to its AntChain platform.
According to Sean Dawson, head of research at onchain options platform Derive.xyz, the crypto market is holding steady as traders await the US CPI data, set to be released on 11 September.
But markets seem to have already priced in the increased likelihood of rate cuts. “Short-dated ETH volatility has risen from 34% to 51% since Friday. However, this remains lower than the weekly implied volatility (65%), suggesting that traders expect muted price action around CPI, but more movement on broader macro timeframes.”
Moreover, ETH and BTC skew have been trending downward across 7- and 30-day tenors, which is “a sign that traders are buying more puts and seeking protection amid growing macro uncertainty,” Dawson says.
Meanwhile, there’s now a 20% chance that ETH will fall below $3,500, which is up up from 18% last week.
Also, there’s a 20% chance that BTC will drop under $100,000, which is up from 19%.
“Looking ahead to the end of the year, there’s a 23% chance BTC will reach above $140,000 (up 2%) and a 23% chance ETH will reach over $7,000 (unchanged),” Dawson concluded.
At the time of writing on Tuesday morning, BTC trades at $113,048. In the latter part of the past 24 hours, the coin has jumped from a low of $111,200 to the highest point of $113,226.
It has turned green in the 1-week period, rising 2.4% in this period. And while it’s down 4.3% in a month, it’s also up 106.3% in a year.
The resistance stands at $113,400. Should it surpass this, the coin could go up to $115,400 and $117,150. On the other side, the support stands at $111,550 and $110,000.
Ethereum is currently trading at $4,359. It rose to the $4,478 level twice today, with the highest point being $4,380. The intraday low was $4,279.
The coin is down 1.1% in a month, and it’s up 3.1% in a month and 89% in a year.
Investors are now looking to see if the price will fall below $4,270 and towards $4,100, or if it will rise over $4,400.
This suggests the continuation of the cautious stance but also a rise in the bullish sentiment.
Moreover, after a couple of days of drops, the US BTC spot exchange-traded funds (ETFs) started the week with positive flows. They recorded $368.25 million in inflows on Monday. Ten of the twelve ETFs saw inflows, and there were no outflows.
The highest among these is Fidelity’s $156.5 million, followed by Ark&21Shares’ $89.47 million.
However, the US ETH ETFs saw yet another day of outflows on 9 September, with $96.69 million. This is a notable turn, as ETH ETFs had been outperforming their BTC counterparts for weeks.
This would allow investors to choose between conventional stock trades and specific blockchain-backed tokens.
In other news, shares of Eightco Holdings (Nasdaq: OCTO) surged over 3,000% on Monday, after announcing a $250 million plan to adopt Worldcoin as its primary treasury asset.
The company said it may also accumulate Ethereum as a secondary asset, but its primary focus will be on Worldcoin.
The crypto market has increased over the past day, as has the stock market on its previous day of trading. By the closing time on Monday, the S&P 500 was up by 0.21%, the Nasdaq-100 increased by 0.46%, and the Dow Jones Industrial Average rose 0.25%. This comes after the employment data for August was released on Friday, which strengthened expectations that the US Federal Reserve would cut interest rates this month.
This specific uptick may be cut by additional pullbacks. However, the analysts still see a more sustainable rally in the mid-term.
