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Cryptocurrencies: trading forecast for the week of September 6-12, 2021

Cardano/USD, cryptocurrency, Ethereum/USD, cryptocurrency, Bitcoin/USD, cryptocurrency, XRP/USD, cryptocurrency, Dogecoin, cryptocurrency, Cryptocurrencies: trading forecast for the week of September 6-12, 2021

Bitcoin is again trying to gain a foothold above the $50,000 resistance level. The price of Ethereum reached $3,900, and XRP rose to the level of 1.2600. The total capitalization of the digital currency market was $2.29 trillion.

The exchange rate of ether, the Ethereum network's own cryptocurrency, exceeded the 4000 mark last Friday. The growth over the last week is 23%. Bitcoin has risen by less than 5% in the same period. At the beginning of August, the London update was launched in the Ethereum blockchain, the most notable element of which was the EIP-1559 proposal. It provides for burning part of the commissions paid by users, instead of transferring them to miners, as it was before. At the same time, there was a surge of user interest in non-interchangeable tokens, most of which are based on the Ethereum blockchain. The number of coins blocked in the DeFi sector is growing. This puts additional pressure on the supply of crypto assets, as more and more tokens are, in fact, unavailable for trading on the market. In addition, the number of Ethereum in staking is growing. Currently, about 7.2 million coins are in staking, which corresponds to about 6% of all existing tokens, and this again leads to a decrease in supply.

Read more: What is decentralized finance DeFi?

Analysts at JPMorgan bank believe that the prices of some digital assets, primarily altcoins and non-interchangeable tokens, have recently exceeded reasonable limits. According to analysts, the share of altcoins in the total volume of the cryptocurrency market is now 33%, and at the beginning of August it was equal to 22%. JPMorgan considers it unlikely that interest in them will continue for a long time. The current share, however, is still lower than in May, when it was 37.6%, having risen from 13% in January. A record for altcoins, according to the publication, was the share of 55%, which was reached in January 2018, when bitcoin began to decline from its then maximum of about $20,000.

According to the authors, the rise in such areas as DeFi, NFT and smart contract platforms, including Solana and Cardano, is a continuation of the trend that emerged on the stock market this summer. The inflow of retail investors ' assets to the stock market, according to the bank's estimates, reached a record $16 billion in July and remained at the level of $13 billion in August. The previous record was set last June. Meanwhile, the Solana rate continued to grow. As a result, the price of the token at some point exceeded $145, and he himself came out on the seventh place in the list of the largest crypto assets, shifting Dogecoin. The increase in 30 days is more than 300%. Back on August 1, the token was trading at about $ 35, and a little more than a year ago it could be bought for less than a dollar.

Read more: What is NFT and why are they worth millions?

The forecast expects a decline in the price of bitcoin to the levels of 50,000, 49,500, 49,000, 48,000 and 46,000 dollars. Ethereum will decline to the levels of 3870, 3850, 3800, 3750 and 3700 dollars, and XRP – to the price values of 1.25, 1.24, 1.22, 1.20 and 1.17 dollars.

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