The crypto market exhibits significant growth on August 11, as Bitcoin approaches the $120,000 mark. This has led to an increase in market capitalization to $3.99 trillion within a day, further boosting investor confidence.
Bitcoin Growth Overview
As of writing, Bitcoin traded at $119,868, gaining 0.96%. The daily trading volume reached $86.96 billion, contributing to Bitcoin's dominance rising to 59.92%.
Top and Bottom Altcoins
Several altcoins outperformed, with the PUMP token surging 18.25% to $0.003686 and a trading volume of $398.1 million. Lido DAO (LDO) climbed 13.76% to $1.51, boosted by whale wallets. MemeCore (M) advanced 5.06% to $0.4673 on an $18.2 million volume.
However, some tokens fell sharply. Fartcoin (FARTCOIN) dropped 7.09% to $0.9919, with $213.1 million traded. Aerodrome Finance (AERO) slipped 6.94% to $1.16, while Tezos (XTZ) lost 4.46% to $0.84.
Market Overview
Moreover, DeFi trading volume reached $45.89 billion, increasing by 23.03% of all activity. On the other side, stablecoins dominate with $193.48 billion, accounting for about 97.08% of daily trades.
The Fear and Greed Index read at 62, usually indicating a bullish mood in the market, while the Altcoin Season Index was at 34, showing Bitcoin's dominance. Ethereum saw a surge in derivatives trading, with monthly volume increasing by 47.8% to reach $413.6 trillion. Weekly funding rates increased by 77.5%, pushing ETH closer to $4.3K. This week, ETF inflows totaled $461 million, with BlackRock holding onto 254,000 ETH.
Additionally, momentum driven by ecosystems continues to support growth. LayerZero (ZRO) saw a 23% increase following a $110 million proposal for a Stargate acquisition. Meanwhile, ZORA surged by 46% due to rising activity around the Base App coin.
Recent events in the crypto market indicate a recovery of confidence among investors. Support from institutional players and positive news create an optimistic backdrop for continued growth.
