Crypto Market Cap Stays Between $3.6T and $3.8T Amid Trader Shift
The crypto market cap is currently between $3.6 trillion and $3.8 trillion, with traders focusing on micro-cap tokens amid warnings of a potential summer lull.
- Bitcoin (BTC) tested its 50-day moving average, indicating exhaustion, while the broader market cap is approximately $3.72 trillion, above the 50-day SMA of $3.57 trillion.
- Profit-taking activity is noted as traders shift to smaller projects, according to Alex Kuptsikevich from FxPro.
- Institutional accumulation continues despite short-term speculator retreat.
- SharpLink acquired 83,561 ether (ETH), raising its reserves to 522,000 ETH, totaling corporate holdings at 2.96 million ETH valued at $10.81 billion.
- In July, large entities added 26,700 BTC, with Strategy acquiring 21,021 BTC ($2.46 billion).
- Current values: BTC around $114,570, ETH at $3,650, XRP at $2.97 (up 2%).
- Solana (SOL) and dogecoin (DOGE) saw gains of 3.5% amidst muted volumes and volatility.
- Ethena’s USDe became the third-largest stablecoin, reaching $9.5 billion after a 75% increase since mid-July.
- Total stablecoin market cap approaches $275 billion, marking seven months of growth.
Rising stablecoin flows suggest new fiat entering the crypto ecosystem, potentially leading to increased market volatility.