On August 21, the cryptocurrency market showed significant growth, confirming the restoration of investor confidence. The total market capitalization reached $3.85 trillion.
Market Leaders
OKB emerged as the top gainer, increasing by 78.5% to reach $234.87. Other assets included Morpho, which added 13.2% to $2.34, and Pendle that rose by 6.7% to $5.46. Bitget Token (BGB) also showed a positive increase of 6.5%, reaching $4.74. However, not all tokens experienced an upswing. Lido DAO suffered a decline of 2.8% to $1.26, despite trading activity exceeding $153 million. Mantle also slipped 2.3% to $1.28. SPX6900 fell by 2% to $1.29, and Official Trump (TRUMP) dipped by 1.2% to $8.56.
Technical Growth Factors
The recent rise in market capitalization has been driven by both technical and macroeconomic factors. Bitcoin and Binance Coin (BNB) reached new milestones associated with cross-chain integrations. The cryptocurrency market is also monitoring the stock market, where the S&P 500 has risen by 0.76%. The total market capitalization remains above $3.86 trillion, while the RSI indicates potential for growth. Short squeezes have impacted the market, with more than $63.7 million in Bitcoin short positions liquidated.
Market Outlook
ETF flows told a different story, showing $556 million in outflows on August 21, signaling a cautious mood among investors. Nonetheless, Bitcoin maintains a 59% dominance, with Ethereum at 13%. The Altcoin Season Index at 42 supports Bitcoin's top position, while the Fear and Greed Index at 50 indicates a balanced view. The market seems to be moving steadily, but investors are cautious regarding potential short-term turbulence, as indicated by ETF withdrawals.
The cryptocurrency market is exhibiting activation and growth, despite signs of caution regarding recent ETF sales. Investors continue to monitor market dynamics while remaining vigilant.
