Bitcoin hovered between roughly US$ 107,000 and US$ 112,000 this week, registering a nearly 2.5% rise during the past seven days. It saw gains early in the week and have kept this threshold ever since. The general feeling among investors was a cautious sentiment, with futures markets shifting attention to US employment data as a possible catalyst for renewed enthusiasm for crypto.
Ethereum lost a little bit of ground during the past seven days, with a drop of nearly 0.5% from its value a week ago, trading around US$ 4,322 this Friday. Earlier in the week, it briefly fetched the US$ 4,500 level, but recent ETF outflows and seasonal weakness, which often hits September, have weighed on its performance. That slide underscores how altcoins continue to behave like high-risk assets, prone to deeper declines.
Amid a broader apathetic feeling, Polygon (MATIC) made headlines by leading gains over the weekend, surging nearly 16% as part of a rally that briefly lifted the CoinDesk 20 Index. That standout performance offers a reminder that participation in the Ethereum ecosystem still has pockets of resilience and investor interest.
Interestingly, Bitcoin’s behavior this week showed that his role as an speculative asset might have its days counted. On risk-free days, it moved in sync with gold, which itself had rallied to record highs, and other safe-heaven assets. That link to traditional stores of value seems to gain emphasis whenever equity markets are more uncertain, suggesting a shifting narrative around crypto’s purpose.
Across the board, investors are observing the upcoming US non-farm payrolls report as the next major input into the expectations of a cut in rates by the Fed. Hiring levels in America, lower than expected, could incentivize the Fed to lower interest rates, potentially fuelling gains in risk assets, including crypto assets, but the markets remain cautiously positioned.
