The crypto market is up today, with about a dozen of the top 100 coins seeing their prices increase over the past 24 hours. Overall, the cryptocurrency market capitalization has increased by 1.5%, now standing at $3.99 trillion, just below the $4 trillion mark. At the same time, the total crypto trading volume is at $149 billion.
Crypto Winners & Losers
At the time of writing, all top 10 coins per market capitalization have decreased over the past 24 hours.
Bitcoin (BTC) rose by 2.2%, now trading at $113,127. This is the second-highest increase in the category.
At the same time, Ethereum (ETH) is up by 0.2%, meaning that it’s practically unchanged, now trading at $4,571.
The biggest rise was recorded by Solana (SOL) for the second day in a row, climbing 2% to the price of $211. It’s followed by BTC and then Dogecoin (DOGE), with a rise of 2.1% to $0.223.
Notably, most of the top 10 list is barely changed, with very low percentages, including the one red coin, Tron (TRX), which fell 0.2% to $0.3478.
As for the top 100 coins, Cronos (CRO) is still at the top for the third day in a row. It’s up 57%, now changing hands at $0.3412.
Mantle (MNT) follows with 9.5%, currently trading at $1.26.
On the other hand, Provenance Blockchain (HASH) decreased the most: 4.5% to $0.02584. It’s followed by OKB (OKB), having decreased by 3.7% to the price of $169.
Meanwhile, Fundstrat Chief Investment Officer Tom Lee said that Ethereum could rally to $5,500 in the near term and to $12,000 by the end of the year.
Lee further stressed that Ethereum is the foundational blockchain infrastructure for traditional finance.
‘We’ve Entered the Later Stages of the Current Bullish Cycle’
Ruslan Lienkha, chief of markets at YouHodler, commented that the recent sell-off reflects a combination of macro conditions and long-term positioning by large holders.
Notably, we are now entering the later stages of the current medium-term bullish cycle. This encourages early entrants, especially those holding BTC for 10 years or more, “to realize significant profits.”
On the other hand, newer whales are more likely to adopt a longer-term strategy and hold the coin for one or even several future cycles.
Moreover, BTC’s and ETH’s recent pullback is also a reflection of broader market sentiment, particularly the minor correction in U.S. equity indices. “The key question is whether equities are experiencing a temporary correction or entering a more structural downturn,” Lienkha wrote.
We are in the later stages of the current bullish trend, he said. Therefore, “any correction has the potential to evolve into the beginning of a medium-term bearish market. Against this backdrop, I would lean toward a more cautious approach, either by increasing hedges or reducing portfolio exposure to minimize downside risk,” he advised.
Furthermore, Bitcoin’s Historical Volatility Index remains relatively low, and realized volatility has not increased significantly, Lienkha added. This suggests that the current options positioning does not resemble a classic “volatility trap” at this point.
Going into September, the key macro catalysts remain US-focused: inflation, interest rate policy, and labor market data. “The interaction of these factors will largely shape overall risk sentiment and, in turn, the trajectory of both traditional and crypto markets,” Lienkha concludes.
Moreover, Dom Harz, co-founder of BOB, commented that Bitcoin ETFs saw $33.6 billion in inflows in the second quarter of this year, “underscoring how far Bitcoin has come from being a fringe asset.” The coin is now “deeply embedded in the global financial system, actively allocated and recommended by leading institutions,” he said.
Bitcoin has become a store of value with “a clear upward trajectory,” and the next phase in its evolution is “about everyday utility: everything from enabling everyday transactions and payments, to borrowing stablecoins and other currencies against Bitcoin.”
Per Harz, should Bitcoin remain only a store of value, it risks irrelevance. Instead, “its future lies in becoming the infrastructure layer for the next era of finance.”
Levels & Events to Watch Next
At the time of writing on Wednesday morning, BTC trades at $113,127. It initially climbed to $112,555, then dropped to the $110,000 level again, before making another climb to the current level.
The intraday low was $110,464, while the highest point currently sits at $113,329. Should BTC move above $116,850, it could climb further to $120,900 and $124,500.
According to the latest Glassnode report, “Bitcoin’s retracement to $111,000 leaves the market testing a pivotal range.” BTC’s support stands at $93,000–$110,000. A break below $107,000–$108,900 could open downside toward $93,000–$95,000, the analysts said.
Conversely, BTC hitting $113,600 “would likely meet resistance as stressed short-term holders sell into strength,” they added.
Meanwhile, Ethereum is currently trading at $4,589. It reached the day’s high of $4,657 earlier today, decreasing since then.
It first plunged to the intraday low of $4,473, before recuperating to the current level.
The coin is working to reclaim the intraday high level in an attempt to rally further. On the other hand, it may fall back towards $4,300.
Furthermore, the crypto market sentiment dropped again today, despite the general greenery in the market. The crypto fear and greed index fell from 47 yesterday to 45 today.
The index is still in the neutral zone, but caution and fear have been creeping in for several days now, fueling bearish sentiment.
Meanwhile, as of 27 August, the US BTC spot exchange-traded funds (ETFs) saw another day of positive flows, taking in $81.25 million.
Bitwise said goodbye to $3.05 million, while five funds recorded inflows, the highest of which is BlackRock’s $50.87 million.
Moreover, the US ETH ETFs also saw more inflows, with $307.2 million on Wednesday, reaching the total net inflow of $13.64 billion.
Five of the nine funds saw inflows. The highest of these is $262.63 million by BlackRock. It’s followed by Fidelity’s $20.52 million.
Meanwhile, healthcare company KindlyMD has filed a $5 billion at-the-market equity offering with the US Securities and Exchange Commission (SEC) to fund its Bitcoin treasury strategy. This is one of the largest corporate crypto accumulation programs announced this year.
Moreover, US-based trading platform Webull launched crypto trading in Australia, offering access to up to 240 digital assets through a new partnership with Coinbase Prime. The move is expected to pressure local exchanges to lower fees amid growing competition. CEO Anthony Denier described the return as part of the firm’s “full-throttle” global expansion into digital assets.
Additionally, Thailand’s Ministry of Finance has selected KuCoin as its inaugural crypto exchange partner to participate in a consortium backing its G-Token initiative, the first publicly offered tokenized government securities program.
Quick FAQ
- Why did crypto move with stocks today?
The crypto market rose over the past day, as did the stock market on its previous day of trading. By the closing time on Wednesday, the S&P 500 was up by 0.24%, the Nasdaq-100 increased by 0.17%, and the Dow Jones Industrial Average rose by 0.32%. Stocks closed somewhat higher as investors prepare for Nvidia’s quarterly earnings results. Investors are also keeping an eye on Donald Trump’s decisions in regards to the Federal Reserve.
- Is this rally sustainable?
The continuation of this rally is still uncertain, as it has already slowed down compared to yesterday. While it may continue, another pullback before a more sustainable leg up is probable.
Crypto Winners & Losers
At the time of writing, all top 10 coins per market capitalization have decreased over the past 24 hours.
Bitcoin (BTC) rose by…
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