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XRP jumps onto the bull bandwagon while climbing up the crypto ladder

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After witnessing stagnancy for a long time, the crypto market finally followed the bull. XRP, Binance Coin [BNB], Cardano [ADA], and a few others barely experienced any major fluctuations. However, assets like Solana [SOL], Polkadot [DOT], as well as Bitcoin [BTC], were seen bagging significant gains.

Bitcoin was trying to break free from the $45K zone and the bulls were seen aiding this move. BTC’s market cap dropped down to $863 billion and the overall crypto market followed suit as it plummeted to $2.09 trillion.

Despite encountering an array of hurdles throughout the year, XRP still managed to surge to a high of $1. The altcoin took years to push past a strong barricade put forth by the bear and move beyond $1. At the time of writing, the asset was trading for $1.08 with a 2.29% surge over the last 24-hours. The previous seven days were unfavorable for the altcoin as its price dipped by 16.73%.

Additionally, XRP climbed up the crypto ladder. The altcoin recently made news after it was pushed down by Solana [SOL]. SOL took over as the sixth-largest cryptocurrency after its market cap rose beyond that of XRP’s. However, during press time, the market cap of XRP surged to $50 billion and the altcoin took over the sixth rank, once again.

XRP one-hour price chart on Biannce

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XRP jumps onto the bull bandwagon while climbing up the crypto ladder 2

The one-hour price chart of the altcoin was noted harboring the bull. The Parabolic SAR indicator used in its short-term chart transitioned into the bullish arena. The dotted lines dropped below the candlesticks further forming a line of support. The Chaikin Money Flow [CMF] indicator was way over the zero median up by the hills with the bull. This positive notion could further push the price of the altcoin.

Furthermore, the Money Flow Index [MFI] indicator was still residing in the buyers’ market.

What’s the reason behind Ethereum Layer 2 Arbitrum’s astonishing growth?

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Ethereum second-layer scaling solution, Arbitrum’s has managed to capture the decentralized finance [DeFi] market. The platform has witnessed rapid growth as market participants continue to deploy their capital in emerging yield farms. Developed by Offchain Labs, Arbitrum uses Optimistic Rollups to process transactions at an enhanced speed and is significantly cost-effective than Ethereum mainnet while simultaneously profiting from the security of the base chain.

If the latest stats are to be believed, the total value locked [USD] in the project skyrocketed to $2.23 billion. According to an analysis platform called L2beat, the TVL figures soared by an astonishing 2,411% over the past week alone. Ethereum locked in the protocol also has been climbing higher and stood at 669.7k ETH as of September 13.

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What's the reason behind Ethereum Layer 2 Arbitrum's astonishing growth? 4

Ethereum layer 2’s Growth Trajectory

During the weekend, the yield farms for speculative tokens launched causing bridge volume to spike. The FOMO kicked in and the bridge volume spiked. The main reason behind the abrupt upswing was the launch of a yield farm called ArbiNYAN. Arbitrum’s growth coincided with the shrinking TVK values of “Ethereum Killers” such as Solana, Fantom, and Harmony.

According to Nick Chong, an investment analyst at ParaFi Capital, Ethereum’s transaction costs has been one of the biggest narratives this year. At the beginning of 2021, users observed other networks that run the Ethereum Virtual Machine [EVM] that provided low transaction fees and low latency but often ended up compromising on security with smaller node sets and centralized bridging infrastructure.

Then entered Rollups. These are scaling solution that acquires the security of the underlying network while at the same time enhancing transaction throughput and fees. Rollups aimed to address the never-ending debate of trade-offs between fees, security, and usability. Chong expressed his optimism surrounding the Arbitrum project and tweeted,

“Really excited to see the Arbitrum ecosystem develop. Also keeping a close eye on projects launching on Arbitrum first, then branching out to other networks. This may increasingly become a commonly seen playbook for applications w/ users that have sensitivity around tx fees.”

Buyers are less interested in Dogecoin [DOGE] as the price struggles below $0.25

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Dogecoin [DOGE] disappointed the market speculators who placed bullish bets on the popular meme-coin. The September 7 sell-off invalidated the formation of the bullish thesis that targeted a breach of key resistance point at $0.339. It was still down by 18.15% over the past week. Since then, the crypto-asset has been consolidating near the levels last seen in the second week of August.

After modest gains of 2.64% over the past 24-hours, Dogecoin [DOGE] was trading at a price of $0.2418. It slid to the 8th-position on the CoinMarketCap’s leaderboard after a stellar performance by Solana [SOL] this month. At the time of writing, the digital asset held a market cap of $31.72 billion while recording a 24-hour trading volume of $1.15 billion.

Dogecoin [DOGE] Daily Price Chart:

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Buyers are less interested in Dogecoin [DOGE] as the price struggles below $0.25 7

The volume in the Dogecoin [DOGE] market is pretty low which made the brief uptrend unsustainable. The latest sell-off pushed price candles below the 50 [Pink] and the 100 [Blue] daily moving averages which underwent a fresh bullish crossover. DOGE has been one of the few coins that have dodged a death cross as prices went downhill this summer. But the upsloping 200 DMA [Yellow] appeared to be heading to reclaim its fort above the candlestick arrangement. Hence, a subsequent crossover with the 50 DMA could lead to a damaging turn of events.

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Buyers are less interested in Dogecoin [DOGE] as the price struggles below $0.25 8

The technicals do not look very promising. In fact, the Chaikin Money Flow [CMF] on the daily price chart depicted a lack of capital inflow in the coin market. The MACD also flashed red despite a minor recovery on the price side. The decline of the Relative Strength Index [RSI] below the 50-median line evidenced that sellers have the upper hand in DOGE’s market.

Dogecoin was turned away from the immediate resistance of $0.339, a level that holds importance for a hike to previously established levels of $0.42, and $0.559 respectively. The support levels for the crypto-asset, on the other hand, stood untested at $0.171, $0.05.

Polkadot [DOT] continues to rage amidst a market slump

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Polkadot [DOT] was the only asset painted in green while all the other coins were submerged in red. This time the bears didn’t spare Solana [SOL]. With a whopping 8% daily drop, the altcoin was down to $187. Bitcoin [BTC] was slowly trying to make it past $45K. Ethereum [ETH] was, however, still residing with the bear.

The entire week posed beneficial to many coins. This list included Solana [SOL], Algorand [ALGO], and Filecoin [FIL]. While few of these coins retained this bullish momentum, others mirrored the ongoing slump in the market.

Polkadot [DOT] was the star of today’s market. The altcoin was still garnering gains of about 9% over the last 24-hours. At the time of writing, DOT had hit $31.43. The asset seemed to have endured a slight pullback from the bears as it had earlier hit a high of $35.67.

Despite being fairly new to the crypto-verse, the altcoin managed to witness impeccable growth. DOT surged in terms of market cap and even found a place in the top ten. But currently, the altcoin stands as the ninth largest cryptocurrency with a market cap of $31 billion. Polkadot [DOT] wasn’t too far off from being able to overtake Dogecoin [DOGE].

Polkadot [DOT] one-hour price chart on Binance

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Polkadot [DOT] continues to rage amidst a market slump 10

The one-hour price chart of DOT on Binance revealed that there were still signs of the bull. The Parabolic SAR indicator remained below the candlesticks further acting as a barricade against any potential downward breakout. This was accompanied by the Chaikin Money Flow [CMF] indicator whose marker stayed in the bullish arena over the zero median. These signs clearly indicated that the bulls were in the DOT market and would even stay there for a while.

Furthermore, the Relative Strength Index [RSI] indicator noted that DOT was headed towards the sellers’ zone. The buying activity was seen reducing in the DOT market.

Binance Coin [BNB] remains green despite minimal buying activity

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After attaining an impeccable surge, almost every asset witnessed a drop. Binance Coin [BNB], Bitcoin [BTC], Ethereum [ETH], and an array of assets noticed a major plummet. However, they didn’t take too long to recover. While Bitcoin dropped from $52K down to $44K, all the others did not garner that big of a loss. BTC dipped both with regard to price as well as market cap.

Even though the market cap of BTC dropped down below $900 billion, the overall market cap of the crypto-verse managed to stay above $2 trillion.

Certain assets stayed untethered by the temporary bear invasion. Solana [SOL] and Cardano [ADA] were seen bagging significant profits. SOL even managed to surge over $200. The fairly new coin beat XRP and took over its position as the sixth-largest cryptocurrency.

At the time of writing, Binance Coin [BNB] was trading for $417 with a dainty rise of 1.62%. However, the altcoin lost up to 15.32% throughout the week. With assets like Solana surging in terms of market cap, BNB’s position was put at risk. However, the altcoin’s market cap rose to $70 billion. This further allowed BNB to retain itself as the fourth-largest cryptocurrency.

However, Tether [USDT], the largest stablecoin was at $68 billion, during press time. Therefore, the chances of Binance Coin being overhauled were intact.

Binance Coin [BNB] one-hour price chart

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Binance Coin [BNB] remains green despite minimal buying activity 12

The short-term or one-hour price chart of BNB noticed signs of bull. The MACD line remained over the signal line for the longest time forming a bullish crossover. Even though the distance between the two was faint, the asset persisted its bullish crossover. The Awesome Oscillator indicator laid out small green closing bars and announced the presence of the bull in the BNB market.

Furthermore, the Relative Strength Index [RSI] indicator was seen standing still on the 50 median which indicated minimal buying or selling activity.

Dogecoin [DOGE] struggling to hold $0.24 support barrier

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Dogecoin [DOGE] was ousted by Solana [SOL] to the eighth position. The meme-coin hasn’t been in the spotlight lately. After an impressive run-up this summer, the crypto-assets price action over the past few weeks has paled in comparison with other altcoins in the top 10 leaderboards. Despite reversing all the gains and posting a weekly loss of 12.34%, the volatility in the DOGE market has picked up.

Over the past 24-hours, Dogecoin [DOGE] was down by 12.91%, which drove its value to $0.247. At the time of writing, the digital asset held a market cap of $32.17 billion and a 24-hour trading volume of $5.95 billion.

Dogecoin [DOGE] Daily Price Chart:

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Dogecoin [DOGE] struggling to hold $0.24 support barrier 15

The low volume has failed to back the uptrend. As a result, Dogecoin [DOGE] underwent a period of sideways trading before the September 7 fall. Following the flash crash, the token was back to levels last seen in the first week of August. Following the drop, the DOGE price candles slid below the 50 [Pink] and the 100 [Blue] moving averages that appeared, which were approaching a potential bullish crossover. The 200 DMA [Yellow], on the other hand, appeared to be resting below them, supporting the price from a further damaging turn of events.

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Dogecoin [DOGE] struggling to hold $0.24 support barrier 16

The technicals on Dogecoin’s daily chart did not look very promising. The dotted markers of Parabolic SAR shifted below the DOGE price candles, indicating a bearish trend. Additionally, the Klinger Oscillator [KO] also suffered a bearish cross and flashed red. A similar sentiment was demonstrated by the Relative Strength Index [RSI] that fell below 40-level for the first time since August, signaling the rising dominance of sellers in the coin market.

If the 200 DMA manages to provide firm support to the Dogecoin’s price within the demand zone ranging from $0.262 to $0.281, buying pressure may revive in the market. Upward price action in case of a bullish reversal could set the stage for $0.331, $0.424, and $0.559. However, a breach of the current level threatens a wider sell-off to the lows of $0.171 and the subsequent $0.05 respectively.

FTX spammed with ‘fishes’ after NFT marketplace launch; “Test” Sells for $270K

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With the crypto derivatives platform, FTX’s very own non-fungible token [NFT] marketplace, its CEO Sam Bankman-Fried has turned into a digital artist. The exec’s first-ever NFT was a hand-written word “Test” on a graphic editor program and was sold for a whopping $270,000. This evidenced the soaring NFT boom that shows no signs of slowing down anytime soon.

Earlier, the crypto exchange had enabled users to mint custom NFTs on their platform. As a result, the new NFT marketplace was spammed with an enormous amount of pictures of fish following the launch. In a bid to reduce spam, FTX changed its NFT submission fee to $500.

The billionaire exec’s tweet regarding the same read,

“Due to the massive number of submissions, too many of which were just a picture of a fish, we are now charging a one-time $500 fee to submit NFTs. Hopefully, this will reduce spam.”

The community reacted strongly against it pointing out that the massive fee structure would deter struggling artists from using the NFT platform. As a response to this, the fee was reduced to $10 just hours later.

FTX’s NFT ecosystem

NFTs have been in there since as early as 2017. However, it managed to generate an astonishing speculative bubble this year, with some pieces selling for tens of millions of dollars. To capitalize on the thriving sector’s parabolic growth, FTX enabled the ability to mint NFTs directly on the exchange. According to the CEO, all the NFTs will be cross-chain, across the Ethereum and Solana blockchains.

On the other hand, Bankman-Fried also revealed that the deposits and withdrawals are expected to be rolled out in the coming weeks, which could initiate the capability of depositing external NFTs onto the platform.

FTX isn’t the only crypto exchange to diversify its offerings into this space. Its rival Binance had earlier launched its own NFT marketplace after teaming up with the likes of singer-songwriter Lewis Capaldi and artist Trevor Jones in addition to soccer players Michael Owen and Alphonso Davies.

Ethereum [ETH] halted by bears while trying to hit $4K

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The crypto-verse encountered an array of twists and turns this week. While some assets witnessed major price fluctuations a few others like Ethereum [ETH] were quite stagnant.

An array of assets were seen riding the high tide. Cardano [ADA] and Solana [SOL] went on to hit multiple highs. However, Bitcoin [BTC] was stuck at $49K. The king coin has been hovering around $49K and $50K throughout the week. The global crypto market cap witnessed a dainty surge and the final digits moved to $2.29 trillion.

At the time of writing, Ethereum [ETH] was trading for $3,902 with a slight change of 0.96% over the last 24-hours. The previous seven days were rather fruitful for the asset as it recorded a surge of 20%. ETH was seen trying to move towards $4K but was constantly pulled back.

The market cap of ETH was at $460 billion and the altcoin announced that it wasn’t going to move from its second rank. Ethereum had occupied the second rank for the longest time now. The disparity between the second and the third largest assets was so high that the altcoin would keep its ranking.

Ethereum [ETH] one-hour price chart on Binance

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Ethereum [ETH] halted by bears while trying to hit $4K 18

The short-term price chart of Ethereum [ETH] noted that the asset would be spending more time in the bearish arena. The Parabolic SAR indicator was seen forming dotted lines over the candlesticks and dementing the chances of the altcoin to move across $4K. The lines stood guard against any potential uptrend. The MACD indicator followed suit by forming a bearish crossover. The MACD line and the signal line were miles apart which indicated that the $4K wasn’t an easy journey.

The Relative Strength Index [RSI] indicator noted that there was no major buying or selling activity. The RSI marker rested exactly on the 50 median.

Cardano’s [ADA] bullish momentum could push its price onto $3

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The bulls were seen staying in the crypto market for the weekend. Cardano [ADA], Solana [SOL], Dogecoin [DOGE], and an array of other assets were seen riding the bullish wave. Solana was the brightest shining star as it hit an all-time high once again this week. The coin’s next stop could be $100, the community speculated. The asset even climbed up the crypto ladder and stood as the 8th largest cryptocurrency.

Bitcoin [BTC], on the other hand, was close to hitting $49K. The persistence of the existing bullish notion could push the asset on to $50K. Additionally, the market cap of the king coin hit $920 billion.

Cardano [ADA] pushed Binance Coin [BNB] down to the fourth position and took over as the third-largest cryptocurrency. At press time, the market cap of the altcoin was at a high of $91.85 billion. The asset could soon hit a three-digit market cap.

After garnering gains of about 15% throughout the week, the asset seemed to be on its way to $3. During the time of writing, ADA was trading for $2.84 with a 4.22% surge over the last 24-hours. Cardano’s [ADA] price rise over the last couple of weeks was significant and the asset was lauded for this surge.

Cardano [ADA] one-day price chart on Binance

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Cardano's [ADA] bullish momentum could push its price onto $3 20

The one-day price chart of ADA revealed that the bulls were still in its market. The Bollinger Bands indicator was seen diverging which further suggested an increase in volatility, This could be highly beneficial for any asset particularly during a bullish market. The MACD line remained over the signal line in a bullish crossover. The asset has maintained this streak since the beginning of the month. The bulls could certainly push ADA onto $3 if they stayed longer in its market.

Furthermore, the Relative Strength Index [RSI] indicator stayed in the overbought zone.

Dogecoin [DOGE] follows the market notion and plunges to $0.28

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The crypto market seemed to be balancing its gains and losses. Almost every asset bagged major gains this month. Dogecoin [DOGE], Cardano [ADA], XRP, Solana [SOL], and several others were leading the bull run. However, these coins seemed to be falling harder than ever. Solana [SOL] was the star of this month and at the time of writing, the altcoin was trading for $66.98 with a 12.75% drop over the last 24-hours.

Other coins followed a similar notion. Bitcoin [BTC] was back at $47K and its market cap diminished to $895 billion. Ethereum [ETH] managed to retain itself at $3K.

Dogecoin [DOGE], GenZ’s favorite crypto asset was seen stumbling down. The altcoin, during press time, was trading for $0.28 with a 7.30% plummet over the last 24-hours. The endorsements from Elon Musk did no good to the altcoin as it failed to hit $1.

The market cap of the altcoin was overpowered as several other assets took over DOGE. At the time of writing, DOGE stood as the seventh-largest cryptocurrency with a market cap of $37 billion. XRP resided over Dogecoin as the sixth-largest asset with a market cap of $53.47 billion. DOGE had a long way to go before taking over XRP.

Dogecoin [DOGE] one-hour price chart on Bitfinex

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Dogecoin [DOGE] follows the market notion and plunges to $0.28 22

The short-term price chart of DOGE noticed a significant downtrend that the altcoin had undergone. All the indicators suggested that this trend could persist for a while. The Chaikin Money Flow [CMF] indicator was down by the bearish arena. This was affirmed by the CMF marker that was below the zero median. The MACD indicator was currently in a bearish crossover, however, the MACD line was seen trying to take over the signal line.

Furthermore, the Relative Strength Index [RSI] indicator was sulking in the sellers’ arena. The RSI marker revealed that Dogecoin was close to being oversold, however, the altcoin managed to avoid this.