Crypto newsletter: Major cryptocurrencies stuck in consolidation

• Bitcoin trade in sideways  move
• Bitcoin hashrate is continue to rise
• Ethereum Blockchain average price per transaction rose to $8

 

After massive correction which took place last week the market sentiment has dropped sharply. The open interest in the BTC futures market, and especially on CME, declined significantly. However, this week things have stabilized somewhat and we haven’t seen notable price changes across cryptocurrencies. Bitcoin has been moving between $10,000 and $10,400 which has contributed to relative calmness elsewhere in the crypto market.  Bitcoin's market dominance decreased to 56.5%. The capitalization of all digital assets in circulation dropped to 342 billion.

Bitcoin hashrate jumped despite lower price

Despite the recent correction, Bitcoin's Hashrate continues to rise this month.  In August, the hash index dropped to 119.39 terachas (TH / s), then rebounded and is now at 128 TH / s. The hash rate is a metric that measures the amount of hashpower (computational power) dedicated to the network by miners. It is used to ascertain the network's health, and sometimes it can show how well Bitcoin network is shielded from a 51% attack. An increase in hash rate is said to have been impacted by rainfall in China, leading to affordable electricity. As prices stabilize, there is a likelihood of Bitcoin resuming the uptrend.

Bitcoin hash rate. Source: Blockchain

Bitcoin has been trading in an sideways move this week. The price bounced off the upper limit of the consolidation range today.  Should downbeat moods prevail, support at $10,000 may come into play. However, in case of a break higher, the next resistance is located at $11,000.Source:xStation5

 

Ethereum' average transaction fee hits all-time high

 

The daily Ethereum transaction fees has never been higher, as the network demand is rising. The average transaction fees, that Ethereum users are charged with, have hit a new height of more than $8, according to Blockchain analytical portal, Blockchair. Miners are profiting from the increased transaction fees, evident by the hashrate rising towards the 2018 highs. It is partially caused by the influx of many new on-chain transactions initiated by various decentralized finance protocols (DeFi) that have made their way into the crypto domain in recent months.

Ethereum price is testing major resistance level at $365.00. If buyers manage to break above it, an upward impulse towards $442.00 could be launched. On the other hand, once sellers regain control, the support at $310.00 may be at risk. Source: xStation5

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