Bitcoin Shows Signs of Rebound as Altcoins Gain Momentum
The bearish sentiment following disappointing U.S. nonfarm payroll data diminished over the weekend, allowing several cryptocurrencies to gain. Notably:
- Ethena's ENA, Worldcoin (WLD), Hyperliquid (HYPE), and Dogecoin (DOGE) experienced significant increases.
- Bitcoin (BTC) dropped below $112,000 but is forming a bullish inverse head-and-shoulders pattern.
- BTC mining difficulty reached new highs, while whales are offloading coins at the fastest rate since 2022.
- Ethereum's revenue of $39.2 million in August raised concerns, but analysts argue it does not reflect blockchain health.
Recent developments include:
- Ethena’s governance token ENA surged after StablecoinX raised $530 million for token purchases.
- Hyperliquid faces community backlash over a proposal tied to Stripe's centralized influence.
- The yen remained stable against the dollar amid political shifts in Japan.
- The U.S. Bureau of Labor Statistics will release revised employment data expected to show weaker job growth.
What to Watch
- Sept. 9: SOL Strategies shares expected to start trading on Nasdaq under STKE.
- Sept. 10: Comptroller Jonathan V. Gould will discuss digital assets at the CoinDesk Conference.
Market Movements
- BTC rose by 0.39% to $112,087.64.
- ETH increased by 0.26% to $4,328.09.
- CoinDesk 20 index gained 1.25% to 4,079.43.
- Total crypto market cap reached $3.84 trillion.
Bitcoin Stats
- BTC Dominance: 58.47%
- Hashrate: 973 EH/s
- Total fees: 3.23 BTC / $358,958
Memecoins showed renewed interest, with tokens like Dogecoin and Bonk posting gains. Overall, retail traders are returning to high-risk bets after a stagnant market period.