The week started with some negative notes for the cryptocurrency markets, with Bitcoin reversing its massive gains early last week and approaching the bear market territory. The total market cap of the cryptocurrency market is now at $2.08 trillion, with bitcoin having a 41.46% dominance on the market in roundup examines some of the trending cryptocurrencies for the week and their price movements.
The third week of September is not quite good for Bitcoin and the rest of the cryptocurrency market. The price of Bitcoin was currently struggling at around $44,288 during the intraday. Last Monday, the largest cryptocurrency was trading at the $50,000 level, but the current market correction put a damper on things, and the asset could plunge further.
On September 7, the cryptocurrency market suffered a plunge, which made it lose over $300 billion in the process. The plunge saw Bitcoin price decline from above $52,000 to trade above the $46,000 level. The leading crypto asset is currently struggling to maintain its price, and some analysts believe it could drop lower in the coming hours and days.
Ether (ETH) is also one of the affected altcoins, dropping from $3,800 to currently trading at $3,281.
Popular crypto analyst Michaël van de Poppe believes that Bitcoin is not in a bear market. The popular market analyst and crypto trader revealed in his latest YouTube session that the cryptocurrency market is not in a bear trend. He is optimistic that the support level at $45,700 and $44,000 should be enough for Bitcoin to stay above $46,000 and rally higher.
For a long time, Bitcoin’s performance has been affecting other altcoins. The leading cryptocurrency is not doing well, and other altcoins are also underperforming. Most altcoins are struggling at the moment, losing more than 3% of their value over the last few days.
At the beginning of this week, some of the trending cryptocurrencies include Cardano (ADA), Solana (SOL), Tezos (XTZ), Polkodat (DOT), and Cosmos (ATOM).
Cardano (ADA) is showing strong momentum and making impressive gains in trading today. ADA is trading today at $2.44 and is ranked the third-largest cryptocurrency according to market capitalisation. Cardano continues to develop its ecosystem technology as its “Alonzo” upgrade significantly impacts investor sentiment.
Meanwhile, Solana (SOL) climbed to the sixth-largest cryptocurrency and is currently trading at around $159. Its smart contract platform is up more than 600% from its July low of $23.47.
Van de Poppe is eyeing three altcoins (Tezos, Polkodat, and Cosmos) that could mimic Solana’s recent historic rise. The prominent crypto trader is keeping eyes on decentralised blockchain platforms, including Tezos (XTZ), Polkodat (DOT), and Cosmos (ATOM) after SOL’s breakout to a new all-time high.
A few days ago, Van de Poppe told his 123,000 YouTube subscribers that ATOM looks ready to run based on its underlying market structure.
“If I would have to choose a coin that’s going to follow Solana and it has to be a layer-one solution, it’d either be Tezos, Polkadot, or it’s going to be Cosmos, and given the structure, it looks amazing,” he stated.
Image source: Shutterstock
Credit: Source link