After several days of decreases, the crypto market is up today, with the majority of the top 100 coins turning green over the past 24 hours. Overall, the cryptocurrency market capitalization has increased by 1.1%, now standing at $3.95 trillion. At the same time, the total crypto trading volume is at $154 billion, maintaining a similar level for several days now.
Crypto Winners & Losers
At the time of writing, all top 10 coins per market capitalization have increased over the past 24 hours.
Bitcoin (BTC) did appreciate but only by 0.2%, meaning it’s overall unchanged in a day, now standing at $113,698. This is also the smallest increase in the category.
At the same time, Ethereum (ETH) is up by 2.6%, now trading at $4,287. It’s the fourth-highest increase in this category, sitting right in the middle.
Dogecoin (DOGE) increased the most today. It’s up by 3.9% to the price of $0.2207.
It’s followed by Solana (SOL)’s 3.5%, now trading at $186.
As for the top 100 coins, OKB (OKB) appreciated the most by far. It’s up by 50.4% to $189.
Pudgy Penguins (PENGU) is next, with a rise of 5.5%, currently changing hands at $0.03155.
Mantle (MNT) fell the most: 7.4% to $1.28. It’s followed by Provenance Blockchain (HASH), with a drop of 3.4% to $0.02596.
While Ethena (ENA) is the only other coin with an increase of 1%, the rest of the red coins are down by less than 0.7% each.
Meanwhile, an early Bitcoin whale deposited 660 BTC into decentralized exchange Hyperliquid over the past 20 hours. They sold a large portion and later opened leveraged long positions in Ethereum.
‘Rate Cuts Are Already Largely Priced In’
Nicolai Sondergaard, Research Analyst at Nansen, commented that the market broadly expects cuts at this point. As a matter of fact, much of it is already priced in.
“If Powell delivers exactly what’s anticipated, crypto could see sideways to slightly bearish action, a classic “sell the news” dynamic. By contrast, if the Fed signals a deeper or faster cutting cycle than expected, that could spark fresh risk appetite and set the stage for the next bullish leg in crypto,” says the analyst.
For now, both BTC and ETH have pulled back from recent highs. Per Sondergaard, this looks more like healthy consolidation than a signal of deeper risk aversion. “After such a strong pump, the market was understandably more fatigued and conservative, so locking in profits before a major Fed speech isn’t surprising. In crypto terms, a 4–5% retracement is hardly alarming.”
Moreover, Zondacrypto CEO Przemysław Kral argues that “the current market dip accounts for geopolitical anxieties.” He went on to comment on the so-called ‘Altcoin Autumn’, saying it’s important to understand its dynamics before a potential shift in market leadership. “The altcoin period typically follows Bitcoin’s strong performance, as capital flows into other promising assets.”
He continued:
“For investors, this means going back to fundamental analysis and assessing the true potential of projects beyond just Bitcoin. Diverse opportunities emerge alongside macroeconomic tailwinds. However, they must acknowledge that the days of broad altcoin rallies, driven purely by hype or vibes, may be behind us.”
Kral added that Bitcoin will likely maintain its dominance, but that opportunities for altcoins will increase and “require understanding tokenomics more crucially than ever.”
Meanwhile, Sondergaard commented on institutional flows as well, noting that ~$3.75 billion has been poured into crypto investment products, with Ethereum capturing 77% of that amount. “This suggests institutions are looking to ride Ethereum’s recent momentum, especially as sentiment has been shifting in its favour with treasury and enterprise players entering the ecosystem.”
That said, Bitcoin is likely to stay “the anchor focus for institutions […] given its role as the benchmark asset and the deepest pool of liquidity,” Sondergaard concluded.
Levels & Events to Watch” Next
At the time of writing on Thursday morning, BTC trades at $113,698. It saw a very choppy trade over the past 24 hours.
The lowest point it reached in this period was $112,460, while the highest was $114,723. The coin is attempting to retake the $114,000 level. Should it be successful in holding it, we could see a swift jump through the $115,000 and $116,000 levels, then possibly push towards new highs.
However, investors are also watching if it will fall below $112,000 and towards $108,000.
BTC is 8.3% away from its previous all-time high of $124,128, recorded a week ago.
Notably, Coinbase CEO Brian Armstrong predicted BTC could reach $1 million by the end of the decade.
ARK Invest’s Cathie Wood went further, forecasting the coin reaching $1.5 million.
Additionally, Ethereum is currently trading at $4,287. Its day was notably more stable than BTC’s. It started with a low of $4,122, then climbed to $4,342, trading mostly at the $4,300 level since.
While the latest correction took the coin further from the ATH of $4,878, we need to remember that it had reached $4,757 just prior to the pullback. Now, the coin is attempting to restart this rally, and the next leg up, if sustainable, could be the one to push ETH to the new ATH.
Furthermore, the crypto market sentiment increased as well. While still in the neutral zone, the crypto fear and greed index rose from 45 yesterday to 50 today.
This still suggests significant caution among investors, but it’s also a rise in the bullish sentiment, signaling an increase in confidence.
Meanwhile, as of 20 August, the US BTC spot exchange-traded funds (ETFs) recorded a fourth day of negative flows, with $311.57 million.
While Bitwise saw inflows of $619,810, four funds saw outflows, led by BlackRock’s $222 million.
Ark&21Shares let go of $75.74 million, while Fidelity and Grayscale are down by $9 million each.
Also, the US ETH ETFs lost $240.14 million. This is its fourth consecutive day of outflows as well.
Three funds saw flow, two of them inflows. Grayscale and Fidelity took in $9 million and $8.64 million, respectively, but $257.78 million left BlackRock at the same time.
Meanwhile, Hong Kong-based construction giant Ming Shing Group has entered a purchase agreement with British Virgin Islands-registered Winning Mission Group to buy 4,250 BTC.
In other news, Singapore’s largest bank, DBS, said it would offer tokenized structured notes on Ethereum as part of its wider blockchain strategy.
BNB treasury firm Windtree saw its stock plunge 77% after Nasdaq moved to delist the biotech for failing to meet the $1 minimum bid price rule.
Quick FAQ
- Why did crypto move against stocks today?
The crypto market saw a smaller uptick today, while the stock market recorded another mixed performance day as the technology sector sell-off continues. By Tuesday’s closing time, the S&P 500 was down by 0.24%, the Nasdaq-100 decreased by 0.58%, and the Dow Jones Industrial Average rose by 0.036%. Investors in both markets are now bracing for the US Federal Reserve Chair Jerome Powell’s speech, set for tomorrow.
- Is this rally sustainable?
This rally may not be long-lasting, meaning that another short pullback is possible before we see a significant leg up that may lead to new ATHs, particularly for BTC and ETH. Investors are awaiting to see which direction the market will turn. A major signal will be Powell’s speech on Friday, more specifically, the rate cut decision for September.
But what else is happening in crypto…
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