Crypto market dynamics this week
Last week (August 18-24), BTC ETFs saw a net outflow of $1.178 billion. Throughout the week, BTC remained in a narrow range. Following Powell's dovish comments, the market briefly surged, but fell back to its initial high over the weekend. BTC's current market share is currently at 57.2%, a figure that has declined further, indicating that more Altcoin are experiencing rapid market capitalization growth.
Last week, ETH ETFs saw a net outflow of $240 million, breaking their 11-week streak of net inflows. In the first three business days of the week, ETH ETFs saw outflows totaling $870 million, but received inflows totaling $630 million on Thursday and Friday. During this period, ETH outperformed BTC. Amidst this strong inflow, ETH continued its upward trajectory, reaching a record high of $4,956 over the weekend before reversing course early Monday. ETH's market share currently stands at 14.5%, and the ETH/BTC exchange rate is currently at 0.042, maintaining its strong performance.
This week's popular currencies
Among popular cryptocurrencies, SOL, OKB, BIO, MEME, and PROMPT all performed well. SOL's price rose 11.63% this week, reaching a high of 213.01 USDT. OKB's price rose 66.76%, with a 24-hour trading volume of 2.55M. BIO and PROMPT rose 87.85% and 173.67%, respectively. MEME's price rose 100.93% this week, with a 24-hour trading volume of 130.45B.
U.S. market and hot news
Last week, US stocks saw a mixed performance: the Dow Jones Industrial Average rose approximately 1.5%, reaching a new high for the year; the S&P 500 edged up approximately 0.3%; and the Nasdaq Composite Index fell approximately 0.6%. This was helped by Federal Reserve Chairman Powell's dovish tone at the Jackson Hole symposium, which heightened market expectations for a September rate cut. However, profit-taking in large technology stocks weighed on the Nasdaq.
At 20:30 on the evening of August 28, the United States announced the revised annualized quarterly rate of real GDP in the second quarter.
Bitcoin Asia in Hong Kong will be held from August 28 to 29, with Eric Trump set to speak.
Unlock popular sections and projects
Desci Section
Last week, the DeSci sector saw an overall gain of approximately 7.7%, reaching a market capitalization of approximately $799 million, making it a popular sector. This positive development was primarily driven by Bio Protocol (BIO), which saw significant growth in both trading volume and price, driving a concentrated influx of capital and buzz. Furthermore, DeSci was named the "hottest sector of the week" by multiple market platforms, attracting investor attention to the potential of integrating scientific research with blockchain.
Jupiter (JUP) unlocked approximately 53.47 million tokens on August 28, valued at approximately $27.1 million.
Kamino (KMNO) unlocked approximately 229 million tokens on August 30, valued at approximately $13.3 million.
Risk Warning:
Use of BitMart services is entirely at your own risk. All cryptocurrency investments (including returns) are highly speculative in nature and involve substantial risk of loss. Past, hypothetical, or simulated performance is not necessarily indicative of future results.
The value of digital currencies may rise or fall, and buying, selling, holding, or trading digital currencies may involve significant risks. You should carefully consider whether trading or holding digital currencies is appropriate for you based on your personal investment objectives, financial situation, and risk tolerance. BitMart does not provide any investment, legal, or tax advice.
