Weekly Crypto Market Wrap September 23-29, 2024
Continuing its growth, Bitcoin reached a peak price of $66,450 last week, but unfortunately, it couldn't hold its position and began a decline by the end of the week, falling to $64,000 today. Of course, after a vigorous rise, a correction seems quite logical. Especially if Bitcoin plans to conquer new price highs of $69,000-70,000. We'll see.
It would seem that the market wants a correction, but not all altcoins are ready to fall. SUI, XRP, EOS, and ETH have seen decent price increases. This takes into account that the prices of many altcoins have already reached their bottom, and there's a clear divergence of altcoins relative to Bitcoin's price. Altseason?
And here comes some good news for Ethereum. Over the past week, the number of burned ETH grew by 163%—activity on the network is gradually returning, and with it, the long-awaited growth. Watch, wait, believe.
The much-anticipated listing of the HMSTR token has finally taken place, but the hamsters aren't happy—the token's price momentarily reached no more than $0.01. One could assess the "income" of users as "extremely low with a high level of expectation"—buying a new Lamborghini is postponed, unfortunately. Meanwhile, only 43% of users received the first season's airdrop of Hamster Kombat, while around 2.3 million users were banned for cheating (vibro-massager farms didn't work). But there's a silver lining—the Hamster Kombat team announced quite a substantial roadmap for the project's development. This gives hope for future token price highs.
Hamster Combat Roadmap revealed. Source
While the players are busy tapping, the big players are working. Google Cloud announced a partnership with Solana Labs. On Google Cloud’s marketplace, a tool called "GameShift" will appear—tools needed by game developers for easy integration of the Solana blockchain into applications. At the same time, Solana is becoming an important blockchain for institutional players—big ones like Citi Bank, Franklin Templeton, Société Générale, and PayPal are partnering with the project. Ripple, move over a little, please. So, there’s still room for the token to grow.
The past week was very eventful for Gary Gensler. On the one hand, the head of the U.S. regulator announced that "the SEC remains neutral toward blockchain, as the technology itself does not change the economic characteristics of investments," but on the other hand, "the regulator claims that cryptocurrency mining devices are securities." Following this, Gary Gensler faced criticism regarding his approach to regulating the cryptocurrency industry during Congressional hearings. We wonder why.
The end of the week was marked by the end of "the great CZ's" confinement, who has already announced his long-term plans: to develop Giggle Academy (tokenization of education); to invest in blockchain/decentralized technologies, AI, and biotech; and of course, to finish writing a book (because what's life without a book about it). It looks like someone has finally decided to take a little rest, and there’s nothing wrong with that.
Exciting news for our community: SimpleSwap is running a giveaway with the Talisman Wallet. Don’t miss your opportunity to grab $1,000 in $ETH.
Upcoming major token unlocks:
DYDX: $9.03m (1.32%)
SUI: $112.34m (2.40%)
ZETA: $36.84m (13.43%)
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.
