Top 5 cryptocurrencies to watch this week: BTC, ADA, LUNA, VET, XTZ

On Aug. 27, U.S. Federal Reserve Chair Jerome Powell said that the central bank will start tapering its $120 billion monthly bond purchases by the end of the year, but the interest rate hikes would have to wait until the job market and inflation pass a more stringent test.

In response to the speech, the U.S. dollar index (DXY) fell, the S&P 500 index rose to a new all-time high, and Bitcoin (BTC) surged about $1,500 in under an hour. This showed that market participants viewed the speech as “dovish.”

Crypto market data daily view. Source: Coin360

Bitcoin’s uncertainty near the $50,000 mark has analysts divided about its short-term directional move. Analyst Ryan Clark believes the current consolidation in Bitcoin is similar to the one seen below $24,000 before the breakout in December 2020, but TraderXO believes that BTC may correct to the $39,000 the to 42,000 zone in September.

Will Bitcoin’s consolidation below $50,000 attract buying in altcoins? Let’s study the charts of the top-5 cryptocurrencies that may outperform in the next few days.