The market capitalization of cryptography is held in a tight range of 3.6 billions of dollars at 3.8 billions of dollars while the traders draw liquidity and focus on micro-capitaine tokens during the first week of August, with a certain warning of a summer lull to continue.
Bitcoin (BTC) has tested its mobile average again at 50 days on Tuesday, signaling exhaustion, while larger market capitalization remains greater than the trend, currently at around 3.72 dollars, against SMA of $ 3.57 billions of dollars.
“The support received in the field of previous peaks suggests a temporary break to lock profits,” said Alex Kuptsikevich, chief market analyst at FXPro, in a note Thursday in Coindesk. “But slowness diverts the most active traders, who have now passed very small projects.”
“Bitcoin was approaching its mobile average again at 50 days. Such a frequent test of the medium-term trend signal line indicates tiredness accumulated in the first cryptocurrency,” he added.
This retreat by short -term speculators contrasts with a continuous institutional accumulation.
The Sharplink games company added 83,561 Ether (ETH) last week (around 264.5 million dollars), bringing its reserves to 522,000 ETH. In total, 64 companies now hold 2.96 million ETH, or 2.45% of the offer, worth 10.81 billion dollars.
Bitcoin has also seen significant institutional entries. The strategy acquired 21,021 BTC ($ 2.46 billion) in July, contributing to the 26,700 BTC added by large entities throughout the month. Public and private companies now collectively hold 1.35 million BTCs, or more than 6% of the total traffic supply, according to bitcointheries.
In terms of the market, BTC holds about $ 114,570, while ETH is $ 3,650 from Asian mornings on Thursday. XRP (XRP) is negotiated nearly $ 2.97, up 2% in the last 24 hours. Solana Sol (Sol) and Dogecoin (DOGE) led gains among the majors with a 3.5%bump, while total volumes and volatility remain in a mute.
Meanwhile, the USDE of Ethena earlier this week has become the third largest stablecoin by market capitalization, increasing 75% since mid-July to reach $ 9.5 billion, probably pulled by yields ranging from 10% to 19% (based on markets or specific strategies).
Total Stablecoin market capitalization is close to $ 275 billion, marking its seventh months of consecutive growth. The increase in Stablecoin flows is indicative of fresh fiate entering the cryptography ecosystem, which can be considered a precursor to pursue market volatility, because merchants exchange pointed assets of the currency for tokens.
