Crypto Price Analysis 8-15: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, UNISWAP: UNI
The cryptocurrency market is back in bearish territory as Bitcoin (BTC) and other cryptocurrencies lost momentum thanks to adverse macroeconomic conditions. Treasury Secretary Scott Bessent’s statement that the US government does not plan to purchase additional BTC also soured investor sentiment. However, Bessent later backtracked on that statement.
BTC registered a sharp decline after surging to a new all-time high on Thursday. The flagship cryptocurrency reached $124,533 but lost momentum, plunging over 4% to $118,389. However, it has recovered during the ongoing session, up nearly 1% at $119,101.
Ethereum (ETH) buyers lost momentum after it failed to cross $4,800. As a result, the world’s second-largest cryptocurrency fell to an intraday low of $4,482 before reclaiming $4,600 and moving to its current level. ETH is down nearly 2% over the past 24 hours, trading around $4,650. Ripple (XRP) is down over 3%, while Solana (SOL) is down 2%, trading around $196 after slipping below $200. Dogecoin (DOGE) and Cardano (ADA) are both down over 4%, while Chainlink (LINK) is down 3.65%, trading at $22.50. Stellar (XLM), Hedera (HBAR), Litecoin (LTC), Toncoin (TON), and Polkadot (DOT) also registered substantial declines.
Dunamu And MB Bank Plan Vietnam’s First Licensed Cryptocurrency Exchange
South Korea’s Dunamu, the operator of Upbit, has announced a partnership with MB Bank to launch Vietnam’s first licensed cryptocurrency exchange. The partnership will see Dunamu provide technology, infrastructure, and expertise to MB Bank. MB Bank has over $50 billion in assets and 33 million customers. The collaboration will also ensure regulatory compliance, investor protections, and talent development. Dunamu CEO Oh Kyoung-suk stated,
“Vietnam has potential with more than 20 million virtual asset holders and the world’s fifth-largest inflow of blockchain-based assets. When this growth potential meets the Upbit model, it will be a chance to build Vietnam’s entire digital financial infrastructure on a foundation of trust.”
The timing of the partnership is crucial as it comes following Vietnam’s passing of the Law on Digital Technology Industry. The law formally legalizes and regulates digital assets, paving the way for a fully regulated crypto market.
Coinbase Believes Altcoin Season Could Be Upon Us
Cryptocurrency exchange Coinbase believes there could soon be a shift to cryptocurrencies other than Bitcoin (BTC), highlighting substantial growth registered by altcoins, including Ethereum (ETH) and Solana (SOL). Coinbase Institutional’s global head of research, David Duong, stated in a monthly outlook report,
“We think current market conditions now suggest a potential shift towards a full-scale altcoin season as we approach September.”
Coinbase joins a growing number of traders and market experts who believe the scales are tipping in favor of an altcoin season. According to Coinbase, altcoin season occurs when 75% of the top 50 altcoins by market capitalization outperform BTC over the preceding 90 days. Duong added that a significant amount of retail capital remained on the sidelines, stating that Federal Reserve easing could unlock greater retail participation.
Another factor that could decide the arrival of altcoin season is Bitcoin dominance. Bitcoin dominance fell around 10% to 59% by August, indicating early stages of capital rotation into altcoins. Crypto day trader Ito Shimotsuma stated,
“Bitcoin dominance has just formed its first monthly bearish cross since January 2021. Back then, altcoins went up only for four months when it happened. Something similar this time will cause an up-only rally till December 2025.”
Duong believes growing institutional interest in ETH could be the driving factor behind the latest altcoin season. Digital asset treasuries and stablecoin narratives are driving institutional interest in the world’s largest cryptocurrency.
“With the altcoin market cap climbing and the Altcoin Season Index showing early positive signals, we believe conditions are setting up for a potential rotation into a more mature altcoin season as we head into September.”
Bitcoin (BTC) Purchases Still On The Table
US Treasury Secretary Scott Bessent walked back on his previous statement that the US government would not buy additional Bitcoin (BTC). Bessent issued a clarification on X, stating that the US was still exploring budget-neutral strategies to buy BTC.
“The Treasury is committed to exploring budget-neutral pathways to acquire more Bitcoin to expand the reserve, and to execute on the President’s promise to make the United States the ‘Bitcoin superpower of the world.”
Bessent’s earlier statement had dampened investor sentiment, with BTC tumbling from record highs to a low of $117,208 on Thursday.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) crossed $123,000 on Wednesday and settled at $123,365. The flagship cryptocurrency surged to a new all-time high on Thursday, reaching $124,533. However, it lost momentum after Treasury Secretary Scott Bessent’s statement and an adverse PPI report. As a result, BTC plunged over 4%, dropping to a low of $117,208 before settling at $118,289. The current session sees the price up almost 1%, trading around $119,108.
BTC’s drop below $118,000 led to the liquidation of $227 million in leveraged bullish positions. But why did the flagship cryptocurrency register such a substantial decline after hitting its all-time high? Some analysts believe the 3.3% increase in the US Producer Price Index (PPI) for July prompted traders to become risk-averse, as inflation figures came in higher-than-expected. However, traditional markets recovered their losses, indicating that BTC’s decline was driven by other factors. According to the CME FedWatch tool, the implied probability of the Federal Reserve cutting interest rates fell to 61%, compared to 67% a week earlier. This indicates reduced confidence in monetary easing, which weighs on crypto prices.
Meanwhile, the Bitcoin options market is showing resilience, with the options skew at 3%, indicating a balanced risk outlook consistent with healthy market opportunities. Crypto trader Nebraskangooner believes BTC is beginning to mimic the pattern seen in its previous cycle. On the other hand, crypto trader Kale Abe said that Nebraskangooner’s observations were another instance where “charts and fractals don’t matter.”
“The only thing that matters is the treasury companies and if they are out of ammo or not.”
BTC started the previous week in positive territory, rising 0.73% to cross $115,000 and settle at $115,051. However, it lost momentum on Tuesday, falling 0.82% to a low of $112,622 before settling at $114,112. Buyers returned to the market on Wednesday as BTC rose 0.80% to reclaim $115,000 and settle at $115,028. Bullish sentiment intensified on Thursday as the price rallied, rising over 2% to cross $117,000 and settle at $117,515. Despite the positive sentiment, BTC was back in the red on Friday, dropping 0.71% to $116,683. The price registered a marginal decline on Saturday before rebounding on Sunday, rising 2.42% to cross $119,000 and settle at $119,309.
Source: TradingView
BTC reached an intraday high of $122,219 on Monday as bullish sentiment intensified. However, it lost momentum after reaching this level and settled at $118,701, ultimately dropping 0.51%. Market sentiment turned positive on Tuesday as the price recovered, rising 1.19% to cross $120,000 and settle at $120,113. Bullish sentiment intensified on Wednesday as BTC rallied, rising nearly 3% to settle at $123,365. The flagship cryptocurrency surged to a new all-time high on Friday, reaching $124,533. However, it lost momentum after reaching this level, dropping over 4% to $118,389. The current session sees BTC up almost 1% as buyers look to reclaim $120,000.
Ethereum (ETH) Price Analysis
Ethereum’s (ETH) rally stalled on Thursday as it failed to cross the $4,800 mark. The world’s second-largest cryptocurrency rallied to $4,783 on Wednesday only to lose momentum on Thursday, falling over 4% to $4,551.
Despite the wobble, analysts remain confident that ETH will hit $5,000 by the end of August. The world’s second-largest cryptocurrency is trading around $4,600 as the market comes to terms with a hotter-than-expected PPI report. However, users at Polymarket are bullish, thanks to institutional interest, positive technical patterns, and on-chain metrics. Traders have already established levels that ETH must maintain to continue its uptrend. This includes levels around $4,000 and $4,600. According to Rekt Capital, ETH must turn $4,600 into a new support level to confirm its upside into price discovery.
“The sooner ETH reclaims black, the better. In the event of a failed reclaim, price could reject into its Weekly CME Gap at $4K, with the scope for wicking into the $3,750 zone.”
ETH started the previous weekend in the red, dropping nearly 6% and settling at $3,488. Selling pressure persisted on Saturday as the price fell almost 3%, slipping below $3,400 to $3,393. ETH recovered on Sunday, rising over 3% to reclaim the $3,500 level. Bullish sentiment intensified on Monday as the price rallied, rising over 6% to cross $3,700 and settle at $3,721. ETH was back in the red on Tuesday, dropping nearly 3% to $3,612. It rebounded on Wednesday, rising over 2% and settling at $3,685. Bullish sentiment intensified on Thursday as ETH rallied, rising over 6% to cross $3,900 and settle at $3,911. The price crossed $4,000 on Friday, rising 2.52% and settling at $4,010.
Source: TradingView
ETH continued pushing higher on Saturday, rising over 6% to cross $4,200 and settle at $4,262. Despite the positive sentiment, ETH lost momentum on Sunday, registering a marginal decline. Sellers retained control on Monday as the price dropped 0.59% to $4,226. ETH rallied on Tuesday, surging nearly 8% to cross $4,500 and settle at $4,589. Buyers retained control on Wednesday as the price rose 3.40% to $4,745. However, ETH lost momentum on Thursday, dropping over 4% to $4,551. The current session sees ETH up almost 2%, trading around $4,636.
Solana (SOL) Price Analysis
Solana (SOL) slipped below the $200 mark on Thursday as selling pressure and volatility returned. The altcoin’s impressive rally has seen its value surge, breaking above key resistance levels. Buyers will look to reclaim $200 and push the price towards $250 or higher. SOL crossed $200 on Wednesday after nearly a month. SOL’s rally can be attributed to several bullish developments over the past week. Public companies have upped their SOL purchases to access the blockchain’s staking rewards.
SOL started the previous weekend with a sharp drop, falling nearly 6% on Friday and settling at $162. Selling pressure persisted on Saturday as the price fell 2.57%, slipping below $160 and settling at $158. It recovered on Sunday, rising over 2% to reclaim $160 and settle at $162. Bullish sentiment intensified on Monday as SOL rallied, rising nearly 5% to settle at $169. The price returned to bearish territory on Tuesday, falling 3% to $164. Buyers returned to the market on Wednesday as SOL rose 2.50% and settled at $168. SOL continued pushing higher on Thursday, rising over 4% to cross $170 and settle at $175. The price registered a marginal increase on Friday, rising 0.79% to $176.
Source: TradingView
Price action remained positive over the weekend as SOL rose 1.80% on Saturday and 1.51% on Sunday, crossing $180 and settling at $182. Despite the positive sentiment, the price lost momentum on Monday, dropping over 4% to $174. Bullish sentiment returned on Tuesday as SOL rallied, rising nearly 10% to cross $190 and settle at $191. Buyers retained control on Wednesday as SOL continued pushing higher, rising over 5% to cross $200 and settle at $201. Volatility and bearish sentiment returned on Thursday as SOL plunged over 4%, slipping below $200 and settling at $192. The current session sees the price up almost 1%, trading around $194.
Uniswap (UNI) Price Analysis
Uniswap (UNI) started the weekend in positive territory, rising over 4% to settle at $10.87. Buyers retained control on Saturday as the price rose 1.01% and settled at $10.98. However, it faced volatility on Sunday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as UNI registered a marginal drop. UNI surged to an intraday high of $12.02 on Monday as bullish sentiment returned. However, it could not stay at this level and settled at $11.04, ultimately rising 0.83%.
Source: TradingView
Buyers retained control on Tuesday as UNI rose nearly 5% to $11.59. Bullish sentiment intensified on Wednesday as the price rose 4.62% to cross $12 and settle at $12.12. Despite the positive sentiment, UNI was back in the red on Thursday, dropping over 10% to $10.87. The current session sees UNI up almost 1%, trading around $10.98.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
