According to BitMart's market report on August 18, the total market value of cryptocurrencies in the past week was 3.89 trillion, down 4.19% from the previous week.

Crypto market dynamics this week

Last week, BTC prices fluctuated upward around $120,000 and continued to climb in subsequent trading days. A brief pullback occurred on August 12th, with the price falling from around $124,000 to below $118,000. Trading volume increased significantly, indicating some profit-taking pressure in the market. However, bulls quickly counterattacked, and BTC successfully broke through the previous high on August 14th, reaching a high of $124,497, a new all-time high.

ETH prices fluctuated around $4,220. After a brief period of pressure, they experienced a strong rally on August 12th, with a single-day increase of nearly 8.7%, breaking through the $4,600 mark. Subsequently, bullish sentiment continued to unleash, pushing ETH to a new high of $4,783 this week, just about 3% away from its all-time high. Trading volume increased significantly during this overall upward trend, indicating active capital inflow.

This week's popular currencies

Among popular cryptocurrencies, ADA, SKL, ALPINE, CTSI, and ALU all performed well. ADA's price rose 1.54% this week, reaching a high of 1.0139 USDT. SKL's price rose 58.79%, with a 24-hour trading volume of 6.73 B. ALPINE and CTSI rose 56.51% and 43.75%, respectively, this week. ALU's 24-hour trading volume reached 1 B.

U.S. market and hot news

The Dow Jones Industrial Average was the best performer, rising approximately 1.7% last week, outperforming the other two major indices. The S&P 500 rose approximately 0.9%, achieving a winning streak of four wins and one loss this week. The Nasdaq Composite Index rose approximately 0.8%, also reaching a new high for the week.

Brazil plans to hold a hearing on its Bitcoin strategic reserve on August 20;

Wyoming’s stablecoin, WYST, is scheduled to launch on August 20;

The Federal Reserve will release the minutes of its latest monetary policy meeting in the early morning of August 21, Beijing time;

Powell will deliver a speech at Jackson Hole on August 22, and the market is paying attention to interest rate cuts and succession trends.

Unlock popular sections and projects

Base

The Base Chain's decentralized exchange (DEX) saw its daily trading volume surpass $2 billion for the first time, reaching a historic high and highlighting its trading activity and capital carrying capacity within the Layer 2 ecosystem. The current surge in trading volume not only reflects the rebound in market sentiment but also demonstrates Base's competitive advantages in transaction fees and execution efficiency.

Fasttoken (FTN) will unlock approximately 20 million tokens at 8:00 AM Beijing time on August 18, accounting for 2.08% of the current circulation and worth approximately US$91.4 million.

Melania Meme (MELANIA) will unlock approximately 26.25 million tokens at 8:00 AM Beijing time on August 18, accounting for 5.60% of the current circulation and worth approximately US$5.7 million.

LayerZero (ZRO) will unlock approximately 25.71 million tokens at 7:00 PM Beijing time on August 20th, accounting for 8.53% of the current circulating supply and worth approximately $56.6 million.

KAITO (KAITO) will unlock approximately 23.35 million tokens at 8:00 PM Beijing time on August 20, accounting for 10.87% of the current circulation and worth approximately US$26.2 million.

ZKsync (ZK) will unlock approximately 25.71 million tokens at 7:00 PM Beijing time on August 20th, accounting for 8.53% of the current circulating supply and worth approximately $56.6 million.

Risk Warning:

Use of BitMart services is entirely at your own risk. All cryptocurrency investments (including returns) are inherently highly speculative and involve substantial risk of loss. Past, hypothetical, or simulated performance is not necessarily indicative of future results.

The value of digital currencies may rise or fall, and buying, selling, holding, or trading digital currencies may involve significant risks. You should carefully consider whether trading or holding digital currencies is appropriate for you based on your personal investment objectives, financial situation, and risk tolerance. BitMart does not provide any investment, legal, or tax advice.