Market overview
The overall market shows a differentiated trend, with Ethereum performing strongly, rising over 3% in 24 hours; Bitcoin, however, slightly fell by 0.54%, with market funds rotating among mainstream cryptocurrencies.
Dynamics and performance of mainstream cryptocurrencies
Bitcoin (BTC)
: The price remains around $125,000, with a total market capitalization of $2.4 trillion. The supply contraction effect brought by the halving cycle continues to show, combined with ongoing net inflows into institutional ETFs (the US spot BTC ETF once saw a single-day net inflow exceeding $1 billion), providing support for its price.
Ethereum (ETH)
: The price has risen to $8,500, with a total market capitalization of $1.02 trillion. After the successful implementation of the Cancun upgrade (EIP-4844), Layer 2 network fees decreased by 90%, greatly activating activities in the DeFi and NFT sectors, significantly enhancing ecosystem activity. Meanwhile, Huajian Medical announced on August 8 that it would use Ether as a core reserve asset, planning to create 'the largest Ethereum vault in Asia,' with a business model driven by Ether reserve vaults and creation engines. On that day, the closing price of Ether was $4,008.96, and the 5,190 Ether purchased by Huajian Medical was acquired at only $3,661 each, resulting in a daily unrealized gain of $1.8059 million (approximately HKD 14.1764 million), demonstrating institutional confidence in Ethereum.
Tether (USDT)
: The price remains stable at $1.00, with a total market capitalization of $1.15 trillion, making it the largest stablecoin globally, with a circulating volume of over 1.1 trillion. Its market position is further consolidated under the regulatory compliance processes driven by the EU MiCA legislation.
BNB (BNB)
: The price is $680, with a total market capitalization of $102 billion. Binance's 'BNB Chain 2.0' focuses on ZK-Rollup expansion technology, with the total value locked (TVL) in the ecosystem exceeding $80 billion, demonstrating strong ecosystem development momentum.
Solana (SOL)
: The price is $280, with a total market capitalization of $120 billion. After the launch of the Firedancer testnet, TPS exceeded 100,000, attracting top DeFi protocols like Uniswap and Aave to migrate to its ecosystem, accelerating ecosystem expansion.
Performance of popular concept coins
AI computing power concept
: Render Token (RNDR) has become a recent dark horse, with a 35% increase in 24 hours and an accumulated increase of 80% over 7 days. Core driving factors include the surge in AI rendering demand from the release of Apple's Vision Pro 3, and RNDR's collaboration with AWS to expand the enterprise-level computing power market, continuously broadening business scenarios.
Liquid staking concept
: Lido DAO (LDO) saw a 28% increase in 24 hours and a 65% increase over 7 days. With Ethereum's staking annual percentage rate (APR) rising to 8%, Lido continues to attract institutional funds with its 35% share of the total staking volume, further solidifying its ecosystem position.
Oracle concept
: Chainlink (LINK) saw a 22% increase in 24 hours and a 50% increase over 7 days. It announced the integration of Chainlink CCIP cross-chain interoperability protocol into public chains like Solana and Avalanche, further enhancing its competitiveness in the oracle domain.
Capital flow characteristics
Bitcoin's dominance has dropped to 60.5%, with market funds beginning to shift from Bitcoin to Ethereum and other altcoins, creating space for the rise of altcoins.
The structure of the futures market has undergone significant changes, with altcoins accounting for 83% of the total trading volume in cryptocurrency futures, attracting a large amount of speculative funds into small and medium-sized cryptocurrencies.
Institutional actions are frequent, with new ETF applications initiated for major altcoins like Ethereum; in the retail market, trading volumes under $10,000 have increased by 9.7% in 30 days, as mainstream investors actively seek high-return alternatives beyond Bitcoin.
Impact of policies and regulations
The EU bill passed on August 15 introduced 'travel rules,' requiring that any cryptocurrency transaction over 1,000 euros must disclose the identities of both parties. This regulation has severely impacted privacy coins like Monero (XMR) and Zcash (ZEC), with Zcash's price once halving.
In contrast, compliant stablecoins such as Circle's USDC benefit from regulatory clarity, expected to gain more development opportunities in the European market and further expand market share.
