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Daily Bitcoin and Crypto Analysis

August 24 Daily Crypto Update: BTC dozes off

August 24, 2021

Justin d'Anethan

The enthusiasm I talked about yesterday seems to remain for now. In traditional markets, after US regulators granted full approval for the Pfizer vaccine, investors continued the risk buying spree they were on.

The S&P, the Nasdaq, and the Dow all printed bold green candles. Even gold rallied and closed above the $1,800 mark after dropping to $1,700 in the past few weeks.

BTC, weirdly, feels as strong but didn’t move much. We’ve closed the previous session almost completely flat, just a tad below 50K. We’re now just a few hundred bucks lower, at $49,500.

Alts, on the other hand, are being sneaky now. While BTC dozes off, alts have massively ramped up and pushed the BTC Dominance down to 43. It’s been lower this year, at the extreme, but historically this is still a very good place to be for alts holders. 

Among top alts performers, LUNA is not stopping and rose another 12%. We’re also seeing XTZ, THETA, and SOL making advances between 5% and 10%. 

On XTZ, it’s interesting to note that several financial institutions in Europe are looking at it to enable smart contracts. This isn’t a new idea as Tezos always positioned itself to do just that, but it’s very supportive to see it confirmed and highlighted by credible players.

I think it’s worth paying attention to ETH at this point. On the session, a bit like BTC, it’s not moving much, but we’re essentially consolidating at a local top, above $3,300. With a flurry of coins from centralized exchanges and positive development in everything using smart contracts, the impetus in ETH is higher.

Actually, even broadly, we can see miners holding onto coins. As the natural sellers of the industry, this behavior is incredibly supportive. It means the supply and accompanying selling pressure aren’t being passed on to investors, for now at least.

Away from on-chain data, it feels like the PayPal announcement that they’ll offer crypto services to users in the UK is still the main talk amongst crypto investors. Especially after the Binance debacle, a player like PayPal and the intention to cater to those users says a lot.

Lastly, while El Salvador had already passed the BTC legal tender bill, it is only being rolled out now, with ATMs to convert into and from USD and national services for online transactions. Currently, the usage is low, but it’ll be fascinating to watch ramp up… or down.

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