The crypto market is preparing for the next major rally

The cryptocurrency market is preparing to leave for the weekend in high spirits. Bitcoin has approached post-correction highs and signals a possible continuation of the impulse towards $ 58,000.

Ethereum is capable of surpassingpsychological threshold of $4000. Solana continues to break records. In the top 20, only Cardano is slightly in the red after previously setting records for the deployment of smart contracts on the testnet in anticipation of the Alonzo hard fork on the main network. XRP is also in the black, although in the case with the SEC the judge decided to disclose employee correspondence in the Slack messenger, which is possibleperceived as a defeat for Ripple's lawyers.

There are fewer bears, thanks in part tothe ongoing liquidation of shorts in the crypto derivatives market – On September 1, their volume reached $366 million, the maximum since August 6. After the expiration in the options market this morning, where the maximum open interest in Bitcoin contracts was concentrated at $50,000, there are no obstacles to further growth. All that remains is to wait for the go-ahead from the data on the American labor market. Given the weak figures for private sector employment and this component of the ISM index so far, the report is also likely to disappoint.

On the eve of the leading investment banks lowered their outlookUS GDP growth in the third quarter, which may postpone the start of the Fed's phasing out of the asset repurchase program until next year. At least, this is what the market believes in and it can contribute to a new wave of purchases, if macro statistics do not bring a pleasant surprise.

Although Gary Gensler may stop the rally,Congress with a bill to finance infrastructure spending with unfavorable language on crypto transactions and a reversal of stock markets. This cannot be ruled out, but it is unlikely on the horizon for at least the next week or two.

On-chain statistics and exchange balances are decreasingsimilar chances. JPMorgan analysts noted the “frothiness” altcoins in light of the DeFi and NFT hype. But who will listen to them now? Trading volume on the OpenSea marketplace over the past 30 days has exceeded $4 billion. The value of assets locked in decentralized finance protocols has reached new records above $172 billion. It is clear to a growing number of investors that this is just the beginning. Although no one has canceled volatility. Look at Solana – 20% down on August 31st and then double that over the next three days. The Fed will continue to print dollars for now. This is all that cryptocurrencies need.

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