The crypto market is up today still, but about half of the top 100 coins have turned red over the past 24 hours. Overall, the cryptocurrency market capitalization has increased by 0.6%, now standing at $3.9 trillion. At the same time, the total crypto trading volume is at $146 billion.
Crypto Winners & Losers
At the time of writing, four of the top 10 coins per market capitalization have increased over the past 24 hours, and four are down (not taking stablecoins into account).
Bitcoin (BTC) appreciated 0.4% at the time of writing, now trading at $110,572.
At the same time, Ethereum (ETH) is down 2.2%, now changing hands at $4,298. This is the highest decrease in this category.
The biggest rise in the category is Solana (SOL)’s 2.8% to the price of $208. The other green coins are up 1% and less.
Following Ethereum, the next biggest drop is Tron’s (TRX)’s 0.8%, now standing at $0.3369.
As for the top 100 coins, Bitget Token (BGB) appreciated the most in this category. It’s up 6% to $4.97.
Four (FORM) is next, as it increased by 5.6% to $3.34.
On the red side, World Liberty Financial (WLFI) continued dropping. It’s now down an additional 7.1% to $0.2235.
Cronos (CRO) is next, with a fall of 4.8% to the price of $0.2571.
Meanwhile, billionaire hedge fund founder Ray Dalio argued that crypto could become an attractive alternative to the US dollar, given that debt-laden fiat currencies are at risk of weakening and becoming less attractive as stores of wealth.
“Crypto is now an alternative currency that has its supply limited, so, all things being equal, if the supply of dollar money rises and/or the demand for it falls, that would likely make crypto an attractive alternative currency,” he writes.
‘Markets are Setting Up for Explosive Potential Heading into Q4’
According to Nick Forster, founder at onchain options platform Derive.xyz, there’s a 7% chance of BTC hitting $150,000 by the end of October, which is down from 14% last week. There’s currently a 22% chance this will happen by year-end.
Moreover, there’s a 30% chance of ETH reaching $6,000 by the end of October, down from 45%, and a 44% chance by the end of the year
He further argues that, “with rates expected to fall and institutions stockpiling ETH, markets are setting up for explosive potential heading into Q4.”
Institutional adoption of ETH is still building “serious momentum,” he says. Last week, the number of ETH held by ETFs increased by 250,000, from 6.5 million to 6.74 million.
“But more notably, strategic ETH reserve (SER) companies like Bitmine (+78.8K on August 28) and Sharplink Gaming (+56.5K on August 26) added a combined 330K ETH – 33% more than ETFs over the same period,” Forster writes in an email.
“SERs now hold nearly 4% of the total ETH supply and are rapidly catching up to the 5.5% held by ETFs. With rates expected to decline, we could plausibly see SERs holding 6-10% of ETH’s supply by year-end, positioning them as a major force behind ETH’s price action.”
Levels & Events to Watch Next
At the time of writing on Wednesday morning, BTC trades at $110,572. At one point over the past 24 hours, it plunged to $108,538, before recovering to the intraday high of $111,640.
It’s still working to retake the intraweek high of $113,220 before it could even attempt to make a run for the ATH of $124,128.
BTC is now facing resistance around $111,745. Should it break it, it could move towards $113,435 and $115,475. On the other hand, failure to hold this level could pull the price down to $108,500 and $107,300.
Ethereum is currently trading at $4,298. It has seen a choppy trading day. It plunged from the high of $4,405 to $4,277.
It then recuperated to $4,385 before dropping again to the low of $4,265.
The coin has recovered somewhat since, but it still has room to fall towards the $4,200 level and below. Conversely, should it hold the current level, ETH could move to retake the $4,400. Holding that could give it a foundation for another leg up.
Meanwhile, the crypto market sentiment has climbed slightly, but it was enough to exit the fear zone and move into the neutral zone. The crypto fear and greed index climbed from 39 yesterday to 42 today.
Even though the index exited the fear zone, fear is still present. The sentiment may drop further, potentially putting pressure on the prices. Yet, the bull market may still see some greed in the mid-term.
Meanwhile, on Tuesday, the US BTC spot exchange-traded funds (ETFs) recorded inflows of $332.76 million. Seven ETFs saw positive flows, and there were no outflows.
Fidelity leads the list with $132.69 million, followed by BlackRock’s $72.86 million. Ark&21Shares is nearby, with $71.87 million.
On the other hand, the US ETH ETFs saw outflows on Tuesday, with $135.37 million.
Four of the nine funds saw negative flows, and there were no inflows. The highest among these is Fidelity’s $99.23 million. Bitwise comes second, with outflows of $24.22 million.
Meanwhile, Nasdaq-listed sales development company CIMG Inc. announced on Tuesday that it closed the sale of 220 million shares of its common stock for $55 million as part of a strategic move to build a Bitcoin treasury. The company used the sale proceeds to acquire 500 BTC.
Moreover, there was good news for spot crypto trading on Tuesday, as US regulators, the SEC and the CFTC, said that registered exchanges may facilitate such trades.
“Today’s joint staff statement represents a significant step forward in bringing innovation in the crypto asset markets back to America,” the SEC Chairman Paul Atkins said. “Market participants should have the freedom to choose where they trade spot crypto assets.”
Quick FAQ
- Why did crypto move against stocks today?
The crypto market increased over the past day. By the closing time on Tuesday, the S&P 500 was down by 0.69%, the Nasdaq-100 decreased by 0.79%, and the Dow Jones Industrial Average fell by 0.55%. Stocks closed lower amid renewed uncertainty about US tariffs. Investors are also readying for the August jobs report, set to be released this Friday.
- Is this rally sustainable?
The current rally is very minor and may not be sustainable at the moment. It has already shifted to red compared to yesterday alone. While the market could see another rally in the mid-term, it could see additional pullbacks in the short-term.
Crypto Winners & Losers
At the time of writing, four of the top 10 coins per market capitalization have increased over the past 24 hours, and four are down (not taking stablecoins into…
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