- Bitcoin holds above $ 114,000, supported by a positive feeling on the market and growing institutional interests.
- Ethereum increases for the fifth consecutive day, reflecting the increase in demand from ETFs and cash companies.
- XRP finds a foot of around $ 3.00 while the bulls tighten adhesion, supported by several purchasing signals.
Bitcoin (BTC) is traded over $ 114,000, supported by the growing demand for retail and institutional sales investors. On the other hand, Ethereum (ETH) extends its recovery for the fifth consecutive day, hovering over $ 4,400, while Ripple (XRP) is negotiated on the critical level of $ 3.00.
On the front of macroeconomic data, consensus is that the United States Federal Reserve (United States) will reduce interest rates on Wednesday, increasing the feeling of risk, investors providing for risky assets such as crypto and actions to benefit significantly.
Data spotlight: Bitcoin ETF influences the arrows as institutional demand increases
Bitcoin Spot Exchange exchanged funds (ETF) has increased daily net entries, reaching $ 757 million on Wednesday. The increase in entries reflects growing interests among institutional investors in the midst of optimism for what could be the first interest rate reduced by the Fed this year.
Bitcoin etf statistics | Source: Sosovalue
The demand for Ethereum Spot ETF in the United States has also increased in the middle of the week, with entries of around 172 million dollars. The BlackRock FNB ETF led with around $ 75 million in entries, followed by Fidelity’s Festh with nearly $ 50 million.
Statistics ETF ETF | Source: Sosovalue
Meanwhile, the interest of retail in XRP is gaining momentum, supported by a regular increase in open -end interest (OI), which was on average $ 8.15 billion on Thursday, compared to $ 7.37 billion on Sunday. This upward trend suggests that investors have a strong conviction in XRP’s ability to maintain its recovery at the record summit of $ 3.66 reached on July 18.
XRP Futures open interest | Source: Coringlass
Graphic of the day: Bitcoin Eyes $ 120,000 Breakout
The Bitcoin price is more than $ 114,000, while the bulls are growing to establish a higher level of support before the next step towards $ 120,000 target. A strong technical structure supports upward perspectives, starting with a signal for purchasing the average convergence divergence indicator (MacD), which has been in force since Sunday on the daily graph.
The regular recovery of the relative resistance index (RSI) to 54 from 37 seen on September 1 implies an increase in the purchase pressure. As the RSI increases to an exaggerated territory, the BTC demand increases, supporting the expected escape to the level of $ 120,000.
Suppose that taking advantage slows recovery or ends with a correction of trends. In this case, the exponential mobile average of 50 days (EMA) at $ 112,974 is online to absorb the sale pressure and allow rapid reversal. Prolonged declins would probably see traders focusing on the EMA from 100 days to $ 110,898, which would provide support.
BTC / USDT daily graphics
Altcoin update: Ethereum and XRP maintain key support
Ethereum remains greater than $ 4,400 as the interest in tokens increases, as evidenced by the increase in ETF entries and the resumption of the level of support tested at $ 4,230 on Saturday. The RSI at 54 on the daily graph shows stability above the midline, indicating an upward impulse.
The token also maintains key to key moving, including the EMA from 50 days to $ 4,109, the EMA from $ 100 days to $ 3,663 and the EMA from 200 days to $ 3,235, supporting the positive feeling of the market.
Ethereum’s demand should continue to increase as the RSI increases to an exaggerated territory. Traders will also look for a potential purchase signal from the MacD indicator, encouraging them to increase exposure. Such a signal manifests when the blue line crosses the red signal line within the same daily time.
The key steps likely to mark the resumption of Ethereum prices are resistance to $ 4,500, which was tested on August 29, and its record summit of $ 4,956 reached on August 24.
Daily ETH / USDT table
Regarding XRP, the price is higher than several key levels, including assistance resistance at $ 3.00, a descending trend line and the exponential mobile average of 50 days (EMA) at $ 2.91 on the daily graph.
The MacD indicator strengthens upper -term perspectives, supporting a purchase signal launched on Monday. Investors will probably continue to request an exposure as long as the Blue MacD line is above the Orange signal line.
XRP / USDT daily table
The RSI, positioned at 55, shows that the lowering momentum is gradually fading, paving the way for bulls to regain control of the trend. Higher RSI readings, approaching the Surachat territory, underlie the regular increase in the purchase pressure of the retail request for XRP.
However, merchants should be careful and pay attention to withdrawals sustained below the EMA support from 50 days to $ 2.91.
Bitcoin, Altcoins, FAQ stablecoins
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by a person, a group or an entity, which eliminates the need for third -party participation during financial transactions.
Altcoins are all cryptocurrencies apart from Bitcoin, but some also consider Ethereum as non-altcoin because it comes from these two cryptocurrencies that the supply occurs. If this is true, then Litecoin is the first Altcoin, a worse of the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value supported by a reserve of the asset it represents. To achieve this, the value of a stablecoin is set for a product or a financial instrument, such as the US dollar (USD), with its supply regulated by an algorithm or a request. The main objective of Stablecoins is to provide an ON / OFF ramp for investors arranged to exchange and invest in cryptocurrencies. Stablecoins also allow investors to store value because cryptocurrencies, in general, are subject to volatility.
The domination of Bitcoin is the ratio of Bitcoin market capitalization to the total market capitalization of all combined cryptocurrencies. It provides a clear image of Bitcoin’s interest among investors. A high domination of the BTC generally occurs before and during a bull race, in which investors resort to invest in a cryptocurrency of relatively stable and high market capitalization like Bitcoin. A decrease in the domination of the BTC generally means that investors move their capital and / or their profits to Altcoins in a quest for higher yields, which generally triggers an explosion of Altcoin gatherings.
