Fixygen has prepared an analysis of the cryptocurrency market for this week. After updating its historical high last week, Bitcoin spent the week in the range of ~$112–117 thousand, approaching $117 thousand by the end of Friday;
Ethereum remained around $4,600. The total capitalization of the cryptocurrency market was approximately $3.97 trillion, with BTC accounting for 58.2% and ETH for 14.0%. The skew towards Bitcoin reflects the weakness of some altcoins (Altcoin Season Index ≈44/100). These figures are according to CoinMarketCap.
The market reacted to Fed Chair Jerome Powell’s speech in Jackson Hole: a cautious hint of further rate cuts supported risk assets — BTC and large altcoins rebounded after morning weakness.
At the beginning of the week, there were net outflows from spot Bitcoin ETFs (several consecutive days of withdrawals), which intensified the correction after August’s ATH. Towards the end of the week, there was a noticeable net inflow of ~$287 million into spot ETFs — the first after a four-day series of outflows.
General market regulatory policy.
Technology and networks. Investors are focusing on performance roadmaps (e.g., Firedancer and bandwidth upgrades in the Solana ecosystem), which are sustaining interest in high-performance L1/L2s despite price volatility. AInvest
What to watch next week
