This Week's Cryptocurrency Market Dynamics
Last week, the price of BTC fluctuated upwards around $120,000 and continued to rise in the following trading days. A brief pullback occurred on August 12, with the price retreating from around $124,000 to below $118,000, and trading volume significantly increased, indicating some profit-taking pressure in the market. However, the bulls quickly counterattacked, and on August 14, BTC successfully broke through the previous high, reaching a maximum of $124,497, setting a new historical high.
The price of ETH consolidated around $4,220, and after a brief period of pressure, it experienced a strong surge on August 12, with a single-day increase of nearly 8.7%, breaking through the $4,600 mark. Subsequently, bullish sentiment continued to be released, pushing ETH to a new stage high of $4,783 this week, just about 3% away from its historical peak. Throughout the overall upward process, trading volume significantly increased, showing a positive influx of capital.
This Week's Popular Cryptocurrencies
In terms of popular cryptocurrencies, ADA, SKL, ALPINE, CTSI, and ALU all performed well. ADA's price increased by 1.54% this week, with a maximum price of 1.0139 USDT. SKL's price surged by 58.79%, with a 24-hour trading volume of 6.73B. ALPINE and CTSI rose by 56.51% and 43.75% this week, respectively. ALU had a 24-hour trading volume of 1B.
U.S. Market Overview and Hot News
Dow Jones Index: Best performer, with an increase of about +1.7% last week, outperforming the other two major indices. S&P 500: Up about +0.9%, achieving a weekly winning streak (four wins and one loss). Nasdaq Index: Up about +0.8%, also reaching a new high this week.
Brazil plans to hold a hearing on Bitcoin strategic reserves on August 20;
Wyoming's stablecoin WYST is set to launch on August 20;
The Federal Reserve will release the latest monetary policy meeting minutes at 12:00 AM Beijing time on August 21;
Powell will speak at Jackson Hole on August 22, with the market focusing on interest rate cuts and succession trends.
Popular Sectors and Project Unlocks
Base
The decentralized exchange (DEX) on the Base chain saw its daily trading volume surpass $2 billion for the first time, setting a new high, highlighting its trading activity and capital capacity in the Layer 2 space. The current increase in trading volume not only reflects a warming market sentiment but also demonstrates Base's competitiveness in terms of fee advantages and execution efficiency.
Fasttoken (FTN) will unlock approximately 20 million tokens at 8:00 AM Beijing time on August 18, accounting for 2.08% of the current circulating supply, valued at about $91.4 million.
Melania Meme (MELANIA) will unlock approximately 26.25 million tokens at 8:00 AM Beijing time on August 18, accounting for 5.60% of the current circulating supply, valued at about $5.7 million.
LayerZero (ZRO) will unlock approximately 25.71 million tokens at 7:00 PM Beijing time on August 20, accounting for 8.53% of the current circulating supply, valued at about $56.6 million.
KAITO (KAITO) will unlock approximately 23.35 million tokens at 8:00 PM Beijing time on August 20, accounting for 10.87% of the current circulating supply, valued at about $26.2 million.
ZKsync (ZK) will unlock approximately 25.71 million tokens at 7:00 PM Beijing time on August 20, accounting for 8.53% of the current circulating supply, valued at about $56.6 million.
Risk Warning:
The risks associated with using BitMart services are entirely borne by you. All cryptocurrency investments (including returns) are inherently highly speculative and involve significant risk of loss. Past, hypothetical, or simulated performance does not necessarily represent future results.
The value of digital currencies may rise or fall, and buying, selling, holding, or trading digital currencies may involve substantial risks. You should carefully consider whether trading or holding digital currencies is suitable for you based on your personal investment goals, financial situation, and risk tolerance. BitMart does not provide any investment, legal, or tax advice.
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