Crypto Market Pulse - August 27, 2024

LAST WEEK RECAP:

• Powell indicated cut ahead and mentioned, “The time has come for policy to adjust” at Jackson Hole, though he didn't comment on the exact timing or extent.
• Telegram CEO Pavel Durov arrested at French airport.
• Babylon mainnet goes live.
• Magic Eden announced the launch of its new token, ME.
• Sony to launch Ethereum L2 Soneium to “realize the open internet".

LEGACY MARKETS – DXY

DXY is right on range low, with crypto and equities seeing quite the upward trust. If DXY consolidates or breaks down out of the range, both equities and crypto have a lot of upside.

LEGACY MARKETS – VIX

VIX is still below 21, with some consolidation happening above the previous 12-14 range. This could still lead to small intermediate spikes. How much effect those will have after all the big liquidations is a question, though.

BTC WEEKLY VIEW

BTC closed above 59k on the weekly chart and is now back in the ATH range, which can likely be reached quite quickly at this point after all the liquidations.

ETH WEEKLY VIEW

ETH/BTC is consolidating after the tag of multi-year support. The ETH/BTC ratio is still trading "slow," but as mentioned last week, if there ever was a point for ETH to take over, it's now. There is underlying strength in ALT/BTC ratios, and the NFT market on ETH is also gaining some strength.

ETH/BTC

ETH/BTC after the tag of multi year support it’s consolidating. ETH/BTC ratio is still trading “slow” but as mentioned last week, if there ever was a point for ETH to take over it’s now. With underlying strength in ALT/BTC ratio’s and also NFT market on ETH gaining some strength.

TOTAL3 USD MARKET STRENGTH

Alts are still mostly building base. However, there have already been big bounces across the board. If this structure completely vacates, the run-up should lead to an altcoin ATH in marketcap.

TOTAL3 BTC MARKET STRENGTH

As mentioned last week, TOTAL3/BTC was/is gaining more and more strength relative to Bitcoin. This is usually where the general "alt season" happens.

SUMMARY

• ALT/BTC ratios stayed stable during the significant drop, indicating underlying strength in the altcoin sector against BTC.
  

DISCLAIMER:

The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.

This post was prepared by Kairon Labs Trader Patrick Li and Joshua Van de Kerckhove

Edited by: Marianne Dasal