Cryptocurrencies are experiencing a positive trend today, with approximately 90% of the top 100 digital currencies showing gains over the last day. The total value of the cryptocurrency market has risen by 1.3%, bringing the overall market cap to $3.96 trillion. Trading activity remains high, with a total volume of $122 billion exchanged.
In Summary: The crypto market saw gains on Friday. Roughly 9 out of 10 of the leading cryptocurrencies are in positive territory. The majority of the top 10 coins saw modest growth, with only minor price increases. Bitcoin (BTC) spearheaded gains, rising 1.9% to reach $112,672, while Ethereum (ETH) increased by 0.3% to $4,374. Analysts suggest Ethereum traders should monitor the $4,250 support level and the $4,500 resistance level. Bitcoin’s price movements are increasingly correlated with gold. US Bitcoin ETFs saw inflows of $301.32 million, while Ethereum ETFs experienced outflows of $38.24 million. Institutions are actively planning to utilize their Bitcoin holdings. Investor sentiment is improving, though caution persists.
Currently, almost all of the top 10 cryptocurrencies by market cap have increased in value over the last 24 hours, with only one exception. However, the increases are relatively small, generally under 0.5%, indicating stable price levels.
Bitcoin (BTC) experienced the largest gain among the top cryptocurrencies, rising by 1.9% to a current trading price of $112,672.
Ethereum (ETH) saw a slight increase of 0.3%, maintaining a relatively unchanged position for the day, with a current price of $4,374.
XRP (XRP) recorded the smallest gain among the top cryptocurrencies, increasing by 0.2% to a trading price of $2.83.
Tron (TRX) was the only cryptocurrency in the top 10 to experience a decline, decreasing by 0.4% to a current value of $0.3367.
Looking at the broader market of the top 100 cryptocurrencies, the majority are showing positive gains, with only about a dozen experiencing declines.
MemeCore (M) is the biggest gainer, surging 41.3% to a price of $1.52.
Pump.fun (PUMP) follows with a 9.1% increase, reaching $0.00457. Other cryptocurrencies saw increases of less than 5%.
On the downside, Ethena (ENA) experienced the largest drop, declining 6.1% to $0.6714.
Aave (AAVE) also saw a significant decrease, falling 3.3% to a price of $311.
Other cryptocurrencies experienced smaller declines of 2.8% or less.
Meanwhile, publicly traded companies now possess 1,000,698 BTC, worth over $111 billion. This surge in corporate Bitcoin acquisition has been driven by Michael Saylor’s Strategy, which began accumulating BTC in August 2020.
Strategy currently holds 636,505 BTC, followed by MARA Holdings with 52,477 BTC.
The US is scheduled to release its August nonfarm payrolls report on September 5th. Analysts at Bitunix suggest that “Recent indicators have pointed to an economic slowdown, and investors are almost certain the Federal Reserve will cut rates” in September.
“However, a surprisingly strong report could undermine dovish positioning, pushing U.S. Treasury yields and the dollar higher,” they argued.
Analysts continued: “Nonfarm payrolls will be the most important data release ahead of the September Fed decision. While markets have largely priced in a high probability of a rate cut, the risk lies in stronger-than-expected data triggering short-term selling pressure. For crypto, shifting rate expectations remain the key driver.”
Moreover, ETH price has been consolidating at elevated levels, and the report will “act as the catalyst for a directional breakout.” A weaker report would favor ETH testing upper liquidity zones, the analysts said, while stronger data could send it back toward lower support.
As for Bitcoin, Dom Harz, co-founder of BOB, commented that, despite short-term price movements, BTC is now moving in step with gold, which has hit all-time highs above $3,500 per ounce. This momentum is reflected in Bitcoin DeFi, he says. The TVL of Bitcoin-secured BTCFi more than doubled from $3 billion in April to over $7 billion in September.
“Bitcoin continues to embed itself as a core component of global financial systems. The top 100 corporate and institutional holders now collectively hold $108 billion of the cryptoasset, indicative of the view of Bitcoin as a treasury reserve asset. Institutions will already be looking ahead at the next phase: putting their Bitcoin reserves to work,” Harz concluded.
As of Friday morning, Bitcoin is trading at $112,672. Earlier in the day, it dipped below $110,000 to $109,399 before climbing to an intraday high of $112,965.
Bitcoin has also moved into positive territory over the past week, showing an increase of 1.4%.
If Bitcoin can maintain a price above $112,600, it could potentially reach $115,600 and then $117,500. Support levels are currently at $107,407 and $105,215. According to Cryptonews, the supercycle structure remains intact as long as Bitcoin stays above $95,000, suggesting the possibility of reaching six-figure prices.
Bitcoin Price Chart. Source: TradingView
Ethereum is currently trading at $4,374, having fluctuated from $4,428 to $4,269 before rebounding to $4,422 and then settling at its current level.
It has gained 0.3% over the week and 21% over the month, outperforming Bitcoin in monthly gains, as the latter is in the red.
Investors are watching to see if Ethereum can surpass $4,450 and move towards $4,600. Conversely, it could fall below $4,200.
“In the near term, ETH traders should closely watch the 4,250 support and whether the 4,500 resistance is decisively breached,” Bitunix analysts say.
Overall sentiment in the crypto market has decreased slightly but remains neutral. The crypto fear and greed index has fallen from 44 to 41.
Growing fear and a slightly bearish outlook could contribute to a potential market downturn.
Source: CoinMarketCap
Moreover, after a brief period of positive flows, US Bitcoin ETFs experienced $227.48 million in outflows on Thursday. Only one ETF had positive inflows, while eight experienced outflows.
BlackRock saw inflows of $134.82 million, while Ark&21Shares and Fidelity had outflows of $125.49 million and $117.45 million, respectively.
Source: SoSoValue
US Ethereum ETFs also had another day of outflows on Thursday, totaling $167.41 million.
One of the nine funds saw positive flows, but seven had outflows. BlackRock took in $148.8 million, while Fidelity experienced outflows of $216.68 million.
Source: SoSoValue
Despite the ETF withdrawals, significant whale and institutional activity demonstrates ongoing interest in ETH. Large addresses acquired $456.8 million worth of ETH last week. Additionally, newly created wallets accumulated 35,948 ETH, worth $164 million, in just eight hours.
A Dogecoin ETF might be launched in the US as early as next week, according to Bloomberg ETF analyst Eric Balchunas.
Balchunas pointed out that the ETF issuer REX Shares has filed a prospectus with the US Securities and Exchange Commission (SEC), hinting at a potential Dogecoin ETF launch under the Investment Company Act of 1940, or the “40 Act.”
Currently, the SEC is reviewing 92 crypto ETF applications.
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Why did crypto move with stocks today?
Both the crypto and stock markets experienced gains. The S&P 500 closed up by 0.83%, the Nasdaq-100 increased by 0.93%, and the Dow Jones Industrial Average rose by 0.77%. Investors are digesting labor reports released this week and anticipating the upcoming August jobs report due out later today.
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Is this rally sustainable?
The market has seen a pattern of small gains and losses recently. Overall, a correction phase seems to be underway, which may continue in the short term, although expectations exist for a more substantial rally in the longer term.
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