In the crypto market report covering the week of August 19 – 26 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: August 19, 2024.
Weekly Crypto Market Report Overview August 19
The rise that occurred after the reaction from the $ 50,000 region, which can be considered the bottom region in cryptocurrencies, continued last week. Following Powell’s speech on Friday, Robert F. Kennedy Jr.’s announcement that he would withdraw his candidacy and support Trump in the US presidential election caused an even greater rise in cryptocurrencies. Bitcoin rose above the $ 63,000 region after a long time, and managed to close the week above $ 64,000.
When we look at the altcoins that have positively differentiated during this process, while the hype in Memecoin saw a nearly 250% increase in Sun, AI tokens rose by 40% before NVIDIA’s balance sheet. AVAX also completed the week with a 30% increase with Grayscale and Franklin Templeton news. While the cryptocurrency market value rose to $2.20 trillion, the profit sales of altcoins over the weekend increased Bitcoin dominance to 57.70%.
Ethereum, on the other hand, settled in the critical region of 2720 – 2850, but could not break this region and retreated to the 2750 region. In ETF performances, while an inflow of $230 million was seen on the Bitcoin side on Friday, the total weekly inflow was over $500 million. The Ethereum side, on the other hand, still completed the week at $45 million due to the outflow pressures of ETHE. We can expect the macro agenda to be effective again in crypto asset pricing next week.
In particular, the GDP data to be released from the US on Thursday and the PCE data to be released on Friday may cause increased volatility. For now, there is an expectation of 3-4 interest rate cuts in the US by the end of the year. We will be able to make a clearer inference about interest rate cuts with the employment data we will see in the first week of September.
On the European and Asian side, the picture has become a bit clearer. Especially in Japan, the concern about the closure of carry trade positions on yen caused negative pricing on the risky assets side. We can expect the picture to become clearer there in the next 2 weeks. When we turn to altcoins, we see that the excitement on Tron is slowly calming down. Therefore, correction movements due to profit sales may be encountered in both Tron and Sun. However, it should not be forgotten that the upward pressure may continue depending on the performance.
While AVAX consolidated below $28 after the rise it made with the news, we can expect the trend in AI tokens to continue weakening until NVIDIA’s balance sheet. For TON, the outlook continues negative for now, while different news flows from there may cause major fluctuations.
Those who want to get more detailed information about the week covering August 19 – 26 can visit Weekly Crypto Market Reports: They can review August 19, 2024.
