Crypto Market Update: Bitcoin, Ethereum & More Bounce Back

24 Aug 2023 by Rory Kejzerko 2 min read

In wake of last week’s crypto slump, yesterday (August 23rd) saw a mini-resurgence for many of the space’s flagship coins.

Beginning with the grandfather of all cryptos, Bitcoin ($BTC) rose more than 3% to reach over $26,600 in the afternoon- and since, it’s done a decent job at (almost) maintaining such price level until the time of writing (Thursday 24th August).

Bitcoin ($BTC) price from August 23-24.

Source: https://twitter.com/search?q=bitcoin&src=typed_query

In turn, this is the most substantial price change to occur on the Bitcoin network since the coin slumped from $29,400 to $26,000 last week- a price change that was catalysed by over $2.7 billion worth of leverage positioned liquidations .

Similarly, the price of Ethereum pumped 3.5%, putting it just shy of the $1,700 mark. Not much can be said for its Layer-2 counterpart however, as Polygon ($MATIC) remained stagnant around $0.55.

Big news for the space also came through Solana ($SOL), which integrated onto e-commerce powerhouse Shopify. Such move- which saw the coin jump 6% to $21.71 (and rising)- allows internet shoppers to use USDC on Solana to make online payments.

Solana ($SOL) price from August 23-24.

Source: https://coinmarketcap.com/currencies/solana/

Other notable mentions are the likes of Polkadot ($DOT), Binance BNB ($BNB), and Cardano ($ADA), which each rose 3.5%, 4%, and 5.5%, respectively.

It’s unclear as to what caused this seemingly uniform pump across the mainstream altcoin space, however what we do know is that it coincided with the gains felt across traditional stock markets. Here, both the Nasdaq Composite and S&P 500 were seen to surge more than 1% throughout the day.

The market moves also come prior to the Federal Reserve’s annual meeting in Wyoming tomorrow. Depending on what its Chair Jerome Powell has to say about interest rates, bearish news could perhaps be on the horizon. Further, the current lack of liquidity and participation in the crypto market doesn’t make good reading for those wanting these price pumps to continue.

Want More Cutting-Edge Crypto News?