Crypto Market Cap holds within a tight $ 3.6 trillion- $ 3.8 trillion range when dealers draw liquidity and shift focus to the micro-cap tokens in the first week of August, with some warning of a summer mood to continue.
Bitcoin (BTC) tested its 50-day sliding average again on Tuesday, signaling fatigue, while wider market value remains over the trend, currently at approx. $ 3.72 trillion, against the 50-day SMA of $ 3.57 trillion.
“The support received in the area of previous tops suggests a temporary break to lock the profits,” said Alex Kibesikevich, chief market analyst at FXPRO, in a Thursday note to Coindesk. “But sluggishness turns away the most active traders, who have now moved on to very small projects.”
“Bitcoin approached again his 50-day sliding average. Such a frequent test of the medium-sighted trendsignal line indicates accumulated fatigue in the first cryptocurrency,” he added.
This retreat from short -term speculators is in contrast to continued institutional accumulation.
Gaming Company Sharplink added 83,561 Ether (ETH) last week (about $ 264.5 million), bringing its reserves to 522,000 ETH. In total, 64 companies have 2.96 million ETH, or 2.45% of the supply, worth $ 10.81 billion.
Bitcoin also saw meaningful institutional influxes. Strategy acquired 21,021 BTC ($ 2.46 billion) in July, contributing to 26,700 BTC added by large units during the month. Public and private companies now collectively have 1.35 million BTC or more than 6% of the total circulating supply, according to Bitcointreasuries.
At the market level, BTC steadily holds around $ 114,570, while ETH is $ 3,650 from the Asian morning hours on Thursday. XRP (XRP) trades near $ 2.97, an increase of 2% over the last 24 hours. Solana’s Sun (Sol) and Dogecoin (DOGE) LED gains among majors with a 3.5% shock, while the total volumes and volatility remain muted.
Meanwhile, Ethhena’s USDE earlier this week was the third largest stablecoin of market capital, which waves 75% since mid -July to reach $ 9.5 billion, probably driven by yields of 10% -19% (based on specific markets or strategies).
The overall market capital in stablecoin is approaching $ 275 billion and marks its seventh consecutive month with growth. Increasing stableecoin currents are signs that fresh Fiat is entering the crypto ecosystem, which can be considered a precursor to additional market volatility as dealers exchange currency-pointed assets for tokens.
