Polymarket Bettors Predict Ethereum Could Reach $5K by August End
Market Overview
As Asia begins trading, key movements in the crypto market include:
- ETH trades above $4600, up 10% in 24 hours amid speculation of a September rate cut.
- Traders predict ETH may challenge its all-time high of $4876, with some suggesting a price target of $5000 by month-end.
- Bitcoin dominance has decreased from 65% to 59% as traders shift focus to altcoins.
- Glassnode reports ETH approaching a critical price level of around $4.7K, historically associated with heavy selling.
- A CryptoQuant report highlights a liquidity drain from Ethereum to TRON’s USDT ecosystem, potentially impacting Ethereum’s DeFi activity.
- On August 9, a record $7.7 million in ETH was bridged to TRON, indicating a one-way liquidity flow.
- Persistent outflows may affect Ethereum's fee revenue and staking rewards.
- Current market sentiment is focused on reaching $5K for ETH.
Market Movers
- BTC: Holds at $119,943 (+0.4%), facing resistance at $123K.
- ETH: Trading above $4600, buoyed by rate cut expectations.
- Gold: Increased to approximately $3,350 as U.S. inflation data supports Fed rate cut prospects.
- S&P 500: Hit record highs due to positive July CPI data.
- Nikkei 225: Opened higher by 1% following a record close.