This week was active for the crypto market, with both large and small-scale events impacting prices. In this blog, we’ll provide the weekly market update and explain the key reasons that influenced the crypto market.

According to the data of September 13, 2024, the total cryptocurrency market capitalization is $2.12 trillion, which is a 52% reduction from the previous 24 hours. 

Here’s some more information about the cryptocurrency market:

• The current market share of Bitcoin is 56%. The price of Bitcoin has risen again and is now trading above $58,000 after a bearish run.
• Stable coins accounted for $54.5 Billion of BTC volume which is 91.68%. The total market capitalization of altcoins is $193 billion.
• The market cap of the whole crypto market is over $10 billion and is usually regarded as a low-risk investment.

Major Events in the Crypto Market

1. Bitcoin’s Bounce Back

The price of Bitcoin recovered to above $59,000 due to the positive US Producer Price Index (PPI) and a rise in key US stock markets. The link between Bitcoin and the Nasdaq is still apparent and BTC tends to track the tech-heavy stock indices.

2. Polygon’s Mainnet Upgrade

Polygon’s mainnet was upgraded on September 4, 2024, where the $MATIC token was replaced with the new $POL token. It improves the capacity and the security of the Polygon chain to support the scalability of the dApps.

3. Grayscale Launches XRP Trust

In another major event, Grayscale introduced an XRP Trust which strengthens the argument for future Ripple-based ETF. This makes more institutions invest in XRP and this is a clear sign that more institutions are adopting the digital currency.

4. The Hard Fork in Thorchain

On September 4, 2024, Thorchain carried out a hard fork that affected the RUNE token. Through increased security and performance, this update boosts the effectiveness of cross-chain exchanges using Thorchain’s decentralized liquidity network.

5. The Network Upgrade for ‘Flow’

On September 4, 2024, Flow finished upgrading the Crescendo Network, which increased transaction efficiency and speed while reducing costs. Flow is now more appealing to developers and consumers.

6. Ripple Chief Legal Officer Criticizes SEC 

On Friday, XRP reported gains for the second day in a row, maintaining the upward trend that began Thursday. Stuart Alderoty, Chief Legal Officer (CLO) of Ripple, and Paul Grewal, CLO of Coinbase, have criticized the US Securities and Exchange Commission (SEC) for causing uncertainty by referring to cryptocurrency tokens as securities in lawsuits.

7. MicroStrategy Buys 18.3K More Bitcoins for $1.1 Billion

MicroStrategy (MSTR), a former commercial software corporation that now calls itself a bitcoin development company, has added 18,300 bitcoins $BTC to its multibillion-dollar holdings.

The fresh acquisitions were made at an average price of $60,408 per token, Executive Chairman Michael Saylor stated in an X post on Friday morning, bringing the company’s total holdings to 244,800 BTC. MicroStrategy’s cost basis for these holdings is $9.45 billion, or $38,585 per bitcoin. At the current price of slightly under $58,000, the stack is now worth approximately $14 billion.

8. Coinbase launched cbBTC.

On September 12, Coinbase announced the release of cbBTC, a wrapped Bitcoin product wholly backed by actual Bitcoin held by the cryptocurrency exchange.

The new offering was launched on both the Ethereum network and Coinbase’s layer-2 scaling platform, Base. 

Top Performing Coins

1. Bitcoin ($BTC)

Bitcoin emerged as a standout performer this week, with its price rising past $58,000. The spike is assigned to good US PPI statistics and a major US stock market indices recovery.

2. Polygon ($POL)

Polygon’s price increased significantly with the successful transfer from MATIC to POL. This upgrade improved the blockchain’s scalability and security, increasing investor confidence.

3. Ripple ($XRP)

The price of XRP surged as a result of the launch of Grayscale’s XRP Trust. This breakthrough has piqued institutional interest, perhaps paving the path for a Ripple-based ETF.

Underperforming Coins 

1. Ethereum ($ETH)

Ethereum experienced a decline this week due to massive liquidations, adding to a broader market downturn.

2. Dogecoin ($DOGE)

Dogecoin’s value dropped due to outflows from Bitcoin ETFs and a decline in DeFi activity.

3. Shiba Inu ($SHIB)

Shiba Inu also suffered a drop, which was traced to profit-taking by early investors and doubts about the project’s future viability.For more insights and the latest updates in the crypto world, visit the Millionero Blog. Explore expert analysis, news, and tips to stay ahead in the cryptocurrency markets.