Cryptocurrency Market Overview
According to CoinMarketCap, the total cryptocurrency market capitalization experienced significant volatility last week. On August 18, it reached a yearly high of $387.1 billion, followed by a multi-day correction that bottomed at $353.6 billion on August 22—an 8.6% decline. The market has since stabilized, showing gradual recovery. As of now, the total crypto market cap stands at $364.7 billion.
Bitcoin Dominance Trends
Data from CoinMarketCap reveals Bitcoin's dominance currently at 59.17%, marking a steady decline since the start of the year (down from nearly 70% in January). This shift reflects the rise of altcoins, particularly in Q2 2024, with strong performances from ETH, XRP, and LINK (now a top-10 asset). The "Others" category now represents 15.69% of the market—a clear indicator of diversifying investor interest.
Weekly Altcoin Snapshot
Key price movements (based on Binance data as of August 24, 8:00 AM UTC):
| Coin | Price (8/17) | Price (8/24) | 7-Day Change |
|---|---|---|---|
| BTC | $11,890 | $11,920 | +0.25% |
| ETH | $420 | $395 | -5.95% |
| XRP | $0.30 | $0.28 | -6.67% |
| LINK | $14.50 | $16.20 | +11.72% |
ZMET Indicator Insights
USDT Pair Analysis
- Daily Chart: Overbought for a month (95% peak), signaling prolonged bullish momentum.
- 4-Hour Chart: More responsive to short-term reversals. Current readings suggest 75%+ overbought conditions—ideal for tactical profit-taking.
BTC Pair Divergence
- Daily Trend: Upward trajectory intact.
- 4-Hour Trend: Temporary pullback presents buying opportunities near support levels.
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BTC Technical Outlook
- Recent Action: False breakout above $12,468 (8/17) led to a drop to $11,376. Current consolidation near $11,900 suggests bullish structure remains.
MACD Signals:
- Daily: Bars below zero indicate residual bearish pressure.
- 4-Hour: Golden crossover hints at upward momentum.
Key Levels:
- Support: $11,000
- Resistance: $12,500 (prior high)
Trading Tip: Consider BTC/USDT grid trading with 0.7%–1.3% profit per grid to capitalize on range-bound volatility.
FAQs
Q1: Is Bitcoin still in a bull market?
A: Yes, despite the pullback, the higher low structure and 59% dominance suggest underlying strength.
Q2: Why are altcoins outperforming BTC?
A: Seasonal rotation into high-beta assets and protocol-specific developments (e.g., Chainlink's CCIP adoption).
Q3: When might BTC resume its uptrend?
A: A daily close above $12,500 with rising volume would confirm trend continuation.
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Final Thoughts
The crypto market remains dynamic, with Bitcoin's resilience supporting broader optimism. While short-term fluctuations are expected, the bullish macro trends—institutional adoption, halving cycles, and DeFi integration—continue to drive long-term value.
All data sourced from public APIs; not financial advice. Always conduct independent research.
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