Bitcoin
Bitcoin rose 1% from August 4 to August 11, 2023. At the same time in the middle of the week, the first cryptocurrency in terms of capitalization tested the $30,000 mark, but did not find success. Most of the sessions in seven days, five, – turned out to be minus.
Source: tradingview.com
Overall, the decline in overall BTC volatility is no longer some one-off event, but rather a new reality. On the week again on no day did the price rise by more than 2%. Some experts attribute what is happening to the fact that investors have now shifted their focus from spot bitcoin to derivatives. Analyst Dylan LeCLair pirived information that the ratio of BTC trading volume to derivatives is at historic lows:
“My opinion: derivatives traders are strangling each other into oblivion in the market; the spot bears have almost run out of coins, and yes, the spot bulls have also almost completely moved away from traditional trading in anticipation of U.S. regulator approval of ETFs.”
Perhaps increased activity will appear after 17 000 bitcoin options expire on Aug. 11. At the same time, the highest strike price on them = $29 500. The put/call options ratio is 0.42, indicating fewer bears compared to bulls. Such
That’s the statistic cited by Greeks.live. It believes the main source of news for the industry remains the approval of spot bitcoin ETFs.
From a technical analysis perspective, BTC continues to remain in a narrow range between $28 500 and $30 500. These values act as support and resistance levels. The two-week RSI indicator fell below 50, indicating some bearish dominance. In addition, the continued decline in the ATR indicator confirms the decline in volatility.
Source: tradingview.com
Index
of fear and greed compared to a week ago, was down three points. The current value is 51. It is still in the neutral zone, signaling parity between fear and greed.
Ethereum
Ether’s growth over the past week has been comparable to bitcoin at around 1%. Only while BTC was trying to storm the $30 000 bastion, the second most capitalized cryptocurrency was falling below the $1 800 mark, and failed to reach $1 900.
Source: tradingview.com
Ether’s trends are the same as bitcoin’s. There’s also a foretaste of ETF approval here, just not spot, but futures ETFs. At the same time, the volatility of the instrument is also not at its best: the maximum price change last week amounted to only 1.58%.
Nevertheless, recent trends do not prevent major players from continuing to accumulate ether stocks in their accounts. According to analytics platform Santiment, the number of coins on the ten largest wallets has reached 34.6% of the total supply. The rate has more than tripled over the past five years from 11.2%. In absolute numbers, the accounts of the ten largest wallets
were funded by almost 28 million ETH or $51.6 billion during this period.
Ether continues its gradual decline after rising from the second half of June 2023 through the first half of July. The current week’s low near $1,800 is a support level, and the $1 950 mark is resistance.
Source: tradingview.com
Aptos
Aptos, which ranks 34th in capitalization among all cryptocurrencies, has performed better than the industry’s recognized flagships and is up more than 5% in the past week. At the same time, the token’s value was another 15% higher on August 9.
Source: tradingview.com
The surge is attributed to investors’ positive reception of Aptos’ agreements with Microsoft to utilize artificial intelligence technology. One of the innovations will be the Aptos Assisstant chatbot. It should be tasked with answering questions about the cryptocurrency ecosystem, as well as providing resources for developers of smart contracts and decentralized applications (DApps).
In addition, Aptos and Microsoft have agreed to collaborate on finance, including central bank digital currencies (CBDCs). The platform will embed its native Move programming language into the service using GitHub Copilot artificial intelligence. This should
enable improved contract development, as well as establish testing, validation and formatting processes.
In terms of technical analysis Aptos has been sideways for two months now. The lower ($6.66) and upper ($8.32) boundaries are support and resistance, respectively.
Source: tradingview.com
Bottom line, the crypto industry continues to lack major movements. In general the focus of investor attention has shifted from trading individual coins to derivatives. At the same time, the further dynamics of cryptocurrencies depends on how quickly spot bitcoin ETFs will be (and whether) approved in the United States. Aptos’ rise has been attributed to its agreements with Microsoft.
This material and the information in it does not constitute personalized or other investment advice. The opinions of the editorial staff may not coincide with those of the author, analytical portals and experts.