Daily Crypto Update: Market opens the week on a mixed note

The crypto market has entered the final week of August on a mixed note. While the top three cryptos are showing resilience, other assets are struggling to sustain value.

Names like BNB, Cardano, XRP, and Dogecoin have lost value in the past 24 hours. On the other hand, Bitcoin and Ethereum have maintained a neutral stance. Assets such as Solana, Toncoin, and TRON are rapidly increasing in value.

The week has brought the Fear and Greed Index to 52, showing a neutral stance among traders. On that note, let’s look at the daily crypto update with the latest market developments.

Bitcoin

BTC began the week with a mere 0.42% drop in 24 hours. In the past week, the crypto has gained an overall 9.33% value.

Its stable performance has pushed the crypto over the 63k-dollar mark. It is currently trading at 63,953 dollars, aiming for the 64k mark. According to the Rainbow Chart, Bitcoin remains at a discounted price, offering a potent ROI opportunity to investors.

Ethereum

Similar to Bitcoin, Ethereum has also maintained a strong position in the market. ETH has only lost 0.85% of its value in the past 24 hours, while its weekly performance has grown by 4.54%.

It is currently trading above the 2,700-dollar mark, aiming for the 2,800-dollar mark. Its ongoing struggle against the resistance levels keeps the traders on their toes. Experts expect the crypto to skyrocket once the ETF inflows start racking up.

TRON

TRON, or TRX, is the sole asset in the top 10 cryptos that managed to gain considerable growth in the past 24 hours.

The asset surged by 4.23% in 24 hours, taking its weekly growth to 23.02%. It is currently trading at 0.1657 dollars, with Justin Sun’s endorsement of the coin pushing it further. The coin is raising its energy cap amid the meme coin fiesta, proving its potential once again.

Artificial Superintelligence Alliance

Artificial Superintelligence Alliance, or FET, has taken the market by surprise with constant growth. The coin has surged 8% in the past 24 hours, while its weekly performance showcases a 64.75% growth.

The coin is trading at 1.33 dollars, despite whales selling it off earlier. FET is now targeting the 2-dollar mark, with the bulls trying to push the coin toward the objective.

Pepe

PEPE, like other established meme coins, is struggling to maintain stability right now. The coin gained 25% in the week; however, it lost 1.25% value in the past 24 hours.

The meme token is trading at 0.059 dollars with a monthly loss of 24.25%. However, it is lacking in appeal in comparison to SUN, Peasant Pepe Memecoin, Pepe Loves Trump, etc. 

While most coins are struggling to keep pace, emerging meme tokens are flooding the market. Given the volatile nature of the market, meme coins are offering high-risk, high-reward opportunities to investors. However, traders should conduct research before investing hefty amounts.