This week's cryptocurrency market dynamics
Last week (August 18-24), the net outflow amount of BTC ETF was 1.178 billion USD, and BTC remained in a narrow fluctuation range during the week. Following Powell's dovish speech, the market briefly surged, but fell back to the starting point over the weekend. Currently, BTC's market share is reported at 57.2%, and this figure is further declining, indicating that more altcoins are experiencing rapid market capitalization growth.
Last week, ETH ETF saw a net outflow of 240 million USD, breaking a record of 11 consecutive weeks of net inflow. In the first three trading days of last week, ETH ETF experienced a total outflow of 870 million USD, but on Thursday and Friday, it saw an inflow of 630 million USD. During this period, ETH's market performance also outperformed BTC. With strong capital inflows, ETH continued to rise, reaching a peak of 4,956 USD over the last weekend, breaking its historical high, but subsequently turned downward in the early hours of Monday this week. ETH's market share is currently reported at 14.5%, and the ETH/BTC exchange rate is reported at 0.042, still showing relatively strong performance.
This week's popular cryptocurrencies
In terms of popular cryptocurrencies, SOL, OKB, BIO, MEME, and PROMPT have shown impressive performances. The price of SOL increased by 11.63% this week, reaching a maximum price of 213.01 USDT. The price of OKB rose by 66.76%, with a 24-hour trading volume of 2.55M. BIO and PROMPT increased by 87.85% and 173.67% respectively this week. MEME's price surged by 100.93%, with a 24-hour trading volume of 130.45B.
US market overview and hot news
Last week, the US stock market showed overall divergence: the Dow Jones rose by about 1.5%, reaching a new high for the year; the S&P 500 slightly increased by about 0.3%; while the Nasdaq fell by about 0.6%. The positive sentiment came from Federal Reserve Chairman Powell releasing dovish signals at the Jackson Hole annual meeting, increasing market expectations for a rate cut in September; however, large tech stocks faced profit-taking, putting pressure on the Nasdaq.
On the evening of August 28, at 20:30, the United States will release the revised annualized quarterly rate of actual GDP for the second quarter.
The Hong Kong Bitcoin Asia Summit will be held from August 28 to 29, with Eric Trump scheduled to give a speech;
Popular sectors and project unlocks
DeSci sector
Last week, the DeSci sector overall rose by about 7.7%, with a market capitalization rising to approximately 799 million USD, making it a popular market track. The positive news mainly came from Bio Protocol (BIO), which significantly led in trading volume and price increase, attracting capital and attention. Meanwhile, DeSci was rated as the 'hottest sector of the week' by several market platforms, drawing investors' attention to the potential of combining scientific research with blockchain.
Jupiter (JUP) will unlock approximately 53.47 million tokens on August 28, valued at about 27.1 million USD;
Kamino (KMNO) will unlock approximately 229 million tokens on August 30, valued at about 13.3 million USD;
Risk warning:
The risks associated with using BitMart's services are entirely borne by you. All cryptocurrency investments (including returns) are inherently highly speculative and involve significant loss risks. Past, hypothetical, or simulated performances do not necessarily represent future results.
The value of cryptocurrencies may rise or fall, and buying, selling, holding, or trading cryptocurrencies may involve substantial risks. You should carefully consider whether trading or holding cryptocurrencies 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.
