Crypto markets wrapped up the past week on a positive note, with altcoins taking the lead while Bitcoin maintained a steady trajectory. Ethereum, in particular, has emerged as a notable player, driven by robust options data that reflects institutional interest.
During the past seven days, several altcoins significantly outperformed, with Dogecoin surging by 16%, Avalanche up by 17%, NEAR gaining 12%, and Solana increasing by 10%. Major cryptocurrencies also posted gains, with Bitcoin rising by 3.3% and Ethereum climbing 3.1%.
However, the momentum seemed to ease in the last 24 hours. Bitcoin experienced a slight decline of 0.1%, while Ethereum saw a modest increase of 0.6%. Solana and Dogecoin both paused after their strong weekly performances, dipping by 0.5% and 0.4%, respectively. On a brighter note, Bitcoin Cash and TRON saw firmer movements, rising by 1.6% and 0.6% respectively.
From an hourly perspective, buying sentiment appeared to be returning, as Ethereum, Solana, Dogecoin, and LINK all posted gains, indicating that some traders are re-entering the market following the recent slowdown.
The Momentum Alignment Score (MAS) provides a nuanced view of market dynamics, evaluating whether coins are trending up or down across three timeframes—7-day, 24-hour, and hourly. Here’s how key cryptocurrencies stacked up:
- Ethereum (MAS +3): Demonstrated upward movement across all timeframes, emerging as the clear leader among major coins.
- Bitcoin (MAS +1): Showed stronger performance over the week but remained flat in the short term.
- Solana & Dogecoin (MAS +1): Both experienced a strong week, notwithstanding a slowdown in the past day, followed by renewed hourly gains.
- XRP (MAS −1): Despite a weekly increase, XRP showed weakening short-term performance.
Ethereum continues to be the most balanced mover among major cryptocurrencies, supported by favorable momentum alignment.
Examining the institutional lens, Bitcoin’s proxy, the MAXI ETF, closed at $28.69, marking a 3.2% increase. Current open interest for the September 19 expiry revealed a bearish sentiment, with 55% puts compared to 45% calls. Key resistance levels showed significant put interest near $27 and call interest around $34–35. This suggests that institutions expect Bitcoin to remain range-bound between $27 and $35 as the expiry date approaches, hedging against potential downsides while capping near-term gains.
Conversely, Ethereum’s proxy, the Grayscale Ethereum Mini Trust, ended at $40.71 (rising to $40.99 after hours), featuring a slightly bullish atmosphere with open interest showing 55% calls against 45% puts. Significant call positioning near $30 is coupled with protective puts around $42 and $50, reflecting cautious optimism aligned with Ethereum’s favorable MAS profile.
Overall, while altcoins dominated the weekly gains, the latest trading activity appears more like consolidation than a significant downturn. Ethereum’s momentum and options activity provide a solid foundation, while Bitcoin’s cautious stance signals a narrower trading band in the short term. As Solana and Dogecoin regain their hourly strength, the potential for further upside remains intact.
Moving forward, key questions remain: Can Ethereum sustain its momentum into the weekend? Will Bitcoin adhere to the established $27–35 range leading up to the September expiry? And will altcoins like Solana and Dogecoin maintain their hourly strength or drift back into a consolidation phase?
For continuous updates and insights into crypto, stocks, and futures, interested parties can explore dedicated sections on relevant financial platforms.
