In the crypto market report covering the week of September 23 – 30, prepared by the ICRYPEX Research team, we compiled current developments regarding crypto assets, price movements of crypto assets and macroeconomics.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period in the Weekly Crypto Market Reports: September 23, 2024.
Weekly Crypto Market Report September 23 Overview
We see that positive pricing continued last week when quarterly and monthly closings were completed in the cryptocurrency market. During this period when Bitcoin could not exceed the $65,000 – $66,000 region, we see that altcoins showed quite positive performances. During this process, memecoins passed the last week with an increase of 40%, while when we look at other sectors, the increases in artificial intelligence and Layer-1 cryptocurrencies also drew attention.
The market support announced by China, the announcement of the US PCE data below expectations, and the positive divergence in the stock-commodity market were quite effective in the rise of cryptocurrencies. The only headline that we can evaluate negatively in this process was Ethereum pricing. In the week when the market continued to rise with major breakdowns, Ethereum continued its negative divergence by failing to exceed the 2700 region. We see that Ethereum’s weak performance also puts pressure on DeFi and Layer-2 projects.
Bitcoin is expected to have its best-performing September in history by closing on Monday. This situation further raises expectations for October and November. As of Monday morning, Bitcoin’s September performance is 9.30% from the opening and 25% from the bottom. Last week, after two consecutive weeks of 7% increases, we see that the movement weakened in the 65,000 region and the increase remained at 3%. During this process, the total cryptocurrency market value rose to 2.223 trillion dollars, while Bitcoin dominance fell from the 58.6% region to 57.30% with the increase in altcoins. Ethereum, on the other hand, failed to break 2700 and completed the week with a 3% increase, while Ethereum dominance remained at 14.25%.
When we look back to this week; while we are entering one of the most intense and critical weeks in terms of macro data, we are also entering a week where we can encounter very important news flows for cryptocurrencies. The fact that the SEC has to announce its objection decision, which is expected to be made in the Ripple – SEC case, by October 7, increases the expectation that the objection decision will be announced this week. At the same time, the increase in claims that FTX refunds will start in November over the weekend is one of the eagerly awaited developments for cryptocurrencies.
When we turn to macro data, the US Employment and PMI data coming this week are considered the most important factors that will determine the direction for all investment instruments. After the 50 basis point cut, the Fed members’ expectation of a 50 basis point cut for the end of the year is still expected by the markets to cut by 75-100 basis points. Following the weakening of inflation data last week, the announcement of the September employment data in a “slightly weak” manner will increase the markets’ expectation of a 50 basis point cut at the November meeting. We see that the 50 basis point cut expectation, which rose to 60% last week, is at 54% levels as we enter the new week.
Those who want to get more comprehensive information about the week covering September 23 – 30 can review the Weekly Crypto Market Reports: September 23, 2024.
