Bitcoin is too cautious, XRP is more relaxed
Market overview
The cryptocurrency market cap has not changed over the past day, remaining close to $3.81 trillion. On Wednesday, the market rose to $3.9T, but was unable to maintain its growth trajectory. Among the top coins, Ethereum has been the growth leader for over 24 hours, but its 1.4% rise is less than half of Wednesday’s gains.
Bitcoin is trading just above $110K, down 1.5% since the start of the day on Thursday. We believe the reason for the pullback is caution ahead of Friday's employment release, as BTC is the most sensitive to macroeconomic data among all cryptocurrencies. There may be many false signals within the $108K to $113K range, but a breakout from this consolidation can be seen as a more reliable signal of the trend direction for the coming days.
XRP escaped Thursday's general gloom, recovering fairly quickly to the day's opening levels after a weak start. This is an indicator of the internal strength of buyers, who are waiting for the risks of uncertainty to decrease, but are generally optimistic about tomorrow.
News background
The pursuit of high returns from storing Ethereum carries serious risks for companies, warns SharpLink Gaming, itself the second-largest public holder of ETH by assets.
The queue to enter Ethereum staking has reached a two-year high, with an average waiting time of 14 days. The queue to exit staking has decreased by 20% after reaching a record high of 1 million ETH on 29 August.
According to The Block, the total volume of cryptocurrency trading on exchanges in August reached the levels seen at the beginning of the year.
The SEC and CFTC intend to coordinate the launch of spot crypto asset trading on regulated platforms, according to a joint statement from the agencies. The initiative aims to strengthen US leadership in blockchain technology.
The Solana community has approved the Alpenglow update, which will significantly speed up transaction finalisation and the operation of decentralised applications. According to MEXC forecasts, SOL could reach $250 by the end of the year.
The number of searches for meme tokens on Google has increased after several months of low activity. The indicator reached 57 points on a 100-point scale. This is significantly lower than the peak of 100 points recorded in January, which was fuelled by the hype surrounding the launch of the TRUMP token.
Author
Alexander Kuptsikevich, a senior market analyst at FxPro, has been with the company since its foundation. From time to time, he gives commentaries on radio and television. He publishes in major economic and socio-political media.
