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Crypto Today: Bitcoin at risk of further decline, Ethereum recovers to $2,500, XRP holds steady at $0.55

  • Bitcoin and Ethereum gain ground on Monday after opening September in the red. 
  • XRP hovers around $0.55 as pro-crypto attorneys discuss the impact of a possible SEC appeal to the Ripple lawsuit ruling. 
  • Cardano rises slightly after successfully completing its Chang Hard Fork network upgrade. 

Bitcoin, Ethereum and XRP updates

  • Bitcoin trades around $58,400, early on Monday. The largest crypto asset by market capitalization opened the month in the red but recovered part of the losses on Monday. Historically, BTC has yielded negative returns for traders in September even as Q4 as a whole remains relatively profitable compared to the rest of the quarters. 
  • Ethereum trades at $2,520 after bouncing from key support at $2,400. Over the weekend, Vitalik Buterin discussed on X his recent on-chain Ether transfers, saying that he never sold the altcoin for a profit. Buterin added that he transferred Ethereum tokens to projects he found valuable and for charity purposes. Ethereum founder Vitalik Buterin says never sold Ether for profit, ETH slips under $2,400
  • XRP edges up slightly on Monday, trading at around $0.5550 and retracing part of Sunday’s losses. Traders digest the implications for the token in case the US  Securities & Exchange Commission (SEC) decides to appeal the ruling in its case against payment-remittance firm Ripple. 

Chart of the day: DOGE

Dogecoin

DOGE/USDT daily chart

Dogecoin (DOGE) is changing hands at $0.09765 at the time of writing. The price of the largest meme coin recovers slightly on Monday, but a look at the daily chart suggests the downward trend persists. In case of a further decline, DOGE could sweep liquidity at the lower boundary of the Fair Value Gap (FVG) extending between $0.09000 and $0.09417, representing a 6.47% price correction from the current levels.

The red histogram bars below the neutral line on the Moving Average Convergence Divergence (MACD) momentum indicator suggest a negative underlying momentum in DOGE. 

Still, a daily candlestick close above $0.10000 could invalidate the bearish thesis and push the meme coin towards the next key resistance at $0.12000. 

Market updates 

  • Cardano completed its Chang Hard Fork on September 1, further decentralizing the ADA ecosystem. The update introduced on-chain governance in Cardano and CIP-1694, a Cardano Improvement Proposal that outlines the changes and the community governance structure. 
  • Ran Neuner, a widely-followed CNBC crypto trader, left XRP, Shiba Inu and Cardano out of his top 20 crypto recommendations: 
  • Data from the Block shows that revenue from Bitcoin miners was at its lowest level in 2024 in August. 
Bitcoin

Bitcoin miner revenue (monthly)

Industry updates

  • Crypto exchange OKX receives a Major Payment Institution License from The Monetary Authority of Singapore. 
  • Chief Legal Officer of Coinbase, Paul Grewal, slammed the SEC for warning bankrupt crypto exchange FTX against making payments in cryptocurrencies.

SEC warns FTX exchange against paying back creditors in stablecoins, digital assets

  • Metaplanet CEO Simon Gerovich announced on Monday that the firm has collaborated with SBI VC Trade to enhance its Bitcoin strategy with support from Japan-based institutions. The collaboration is focused on trading, custody and management of Metaplanet’s Bitcoins.

Bitcoin, altcoins, stablecoins FAQs

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.

Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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