Market overview for Crypto Today
The global cryptocurrency market started the week on a cautious note. The total crypto market cap slipped to around $3.94 trillion and daily trading volume eased to roughly $480.37 billion as bears dominated the session. Roughly seven out of ten cryptocurrencies recorded losses during the day and bitcoin’s dominance remained near 57 %, showing that traders are still focused on the large‑cap coins. In India, sentiment was also shaped by news from the U.S. Federal Reserve’s Jackson Hole symposium, where policymakers hinted at a potential rate cut later this year. This brief speech caused a spike in volatility, pulling bitcoin below ₹9.3 million (~$112,000). Altcoins, especially those tied to decentralized finance and layer‑1 platforms, continued to attract selective buying interest despite the broad pull‑back.
Bitcoin & Ethereum price movement
| Metric | Bitcoin (BTC) | Ethereum (ETH) |
|---|---|---|
| Price (approx. in INR) | ₹94,55,000 | ₹3,61,000 |
| Price (approx. in USD) | $113,000 | $4,265 |
| 24‑h % change | –1.44 % | –1.0 % |
| 24‑h high | ₹9.44 M (≈ $113.65 K) | ₹394 K (≈ $4,798) |
| 24‑h low | ₹9.29 M (≈ $111.71 K) | ₹379 K (≈ $4,617) |
| Sentiment | Bearish – Bitcoin fell after failing to hold above ₹9.4 million. Volatility increased following the Jackson Hole speech and technical selling. Support lies near ₹9.25 million while resistance sits around ₹9.6 million. | Cautiously bullish – Ether dipped slightly but remains in an up‑trend with weekly gains. Layer‑2 upgrades and anticipation of the next staking update continue to underpin demand. |
Key market indices
- Total market capitalisation: ~$3.94 trillion (–1.18 % 24‑h)
- Total trading volume: ~$480 billion (–1.18 % 24‑h)
- Bitcoin dominance: ~57 %
- Sentiment: Mostly bearish with scattered pockets of strength in AI and gaming tokens.
Top gainers (altcoins)
The best‑performing altcoins were largely mid‑cap tokens tied to decentralised applications, gaming and Chinese blockchain projects. The table below shows the top movers and brief explanations for their gains.
| Altcoin | 24‑h change | Comment |
|---|---|---|
| Qtum (QTUM) | +30.77 % | Big gains as traders priced in upcoming smart‑contract enhancements and renewed interest from Chinese retail investors. |
| NEO | +15.97 % | Benefited from speculation around its N3 ecosystem expansion and partnerships in Asia, prompting strong volumes. |
| Zebec Network (ZBCN) | +7.69 % | Payments protocol rallied due to reports of a record transaction milestone and integration with major wallets. |
| Gas (GAS) | +6.88 % | GAS, the utility token for the NEO blockchain, tracked NEO higher as staking yields improved. |
| VeChain (VET) | +5.10 % | Logistics‑focused token rose after securing a supply‑chain deal with a European conglomerate, boosting confidence in real‑world adoption. |
Top losers (altcoins)
Profit‑taking in high‑flyers and concerns about token unlocks pushed several tokens lower. The biggest decliners were projects that had recently rallied or faced negative news.
| Altcoin | 24‑h change | Reason for decline |
|---|---|---|
| Berachain (BERA) | –9.33 % | DeFi token retreated after a sharp run‑up; investors booked profits ahead of a scheduled token unlock. |
| Mantle (MNT) | –7.40 % | Layer‑2 network fell as developer activity slowed and liquidity rotated to other scaling solutions. |
| Pudgy Penguins (PENGU) | –8.07 % | NFT‑focused token slumped on thin volumes following a meme‑coin–driven rally earlier in the week. |
| Pump.fun (PUMP) | –6.83 % | Meme coin lost momentum as social‑media hype faded and day‑traders locked in gains. |
| UNUS SED LEO (LEO) | –6.72 % | Exchange token drifted lower amid concerns over declining trading volumes on its parent platform. |
Local and global cues
Global factors: The retreat in bitcoin and the broader crypto market was mainly driven by several external pressures. Large mining firms moved more than 12 000 BTC to exchanges, creating selling pressure and leading to more than $238 million of long liquidations. Technically, bitcoin’s drop below $113,378 triggered a wave of stop‑loss orders. In addition, U.S. spot bitcoin ETFs saw about $1.5 billion of outflows last week, signalling cooling institutional demand. The U.S. Federal Reserve’s hint at a rate cut later this year added to volatility by strengthening the U.S. dollar and dampening risk‑asset appetite.
Local factors: While there were no major regulatory announcements in India, investor interest focused on tokens linked to AI and gaming. The Xterio (XTER) token, for instance, surged over 200 % on the South Korean exchange Bithumb due to heavy trading volumes and spill‑over demand into related gaming coins. Indian traders also watched news around tax guidelines; no changes were announced, which kept domestic flows muted.
Key coins to watch & trending in India today
CoinGecko’s trending search list for India highlighted several tokens that drew high search interest and social‑media chatter:
- Ethereum (ETH): Continued to trend on expectations of the next “Dencun” network upgrade and strong staking yields.
- Bio Protocol (BIO): A decentralised biomedicine platform; gained traction as investors hunt for niche utility tokens.
- Bitcoin (BTC): Despite the dip, BTC remains the most‑watched asset, with eyes on support near ₹9.25 million.
- Hyperliquid (HYPE): Perpetual swaps protocol; buzz around new product features drove searches.
- PinLink (PIN): Social‑media token trending due to a potential listing on a major exchange.
- Solana (SOL): Layer‑1 token, buoyed by a rise in DeFi transactions and new gaming projects on the network.
- Pudgy Penguins (PENGU): Meme‑NFT token trending after the release of new digital collectibles, although price momentum faded later.
Crypto updates & notable events
- Institutional flows: U.S. spot bitcoin ETFs recorded significant outflows (~$1.5 billion) over the past week, signalling risk‑off behaviour among institutions.
- Miner activity: Major bitcoin miners sent more than 12 000 BTC to exchanges, increasing supply and triggering stop‑loss liquidations.
- Jackson Hole effect: Traders digested signals from the U.S. Federal Reserve’s policy symposium. A potential rate cut later this year lifted the dollar and weighed on risk assets like crypto.
- AI/gaming token boom: The Xterio (XTER) token jumped over 200 % in an hour on South Korean exchange Bithumb, reflecting speculative interest in AI‑driven gaming tokens. This rally spilled over into coins like Hyperliquid (HYPE) and Pudgy Penguins (PENGU).
Crypto outlook for tomorrow
Cryptocurrency markets remain sensitive to macro‑economic cues and technical levels. In the short term, traders should watch whether bitcoin can hold support near ₹9.25 million ($111 000) and regain the ₹9.6 million ($115 000) resistance. A break above this could encourage a move toward ₹10 million ($120 000); failure to hold could extend the pull‑back toward ₹9.0 million ($108 000). Ethereum’s trend remains constructive as long as it stays above ₹370 k ($4,500), though momentum will likely mirror bitcoin’s movements. Altcoins tied to AI, gaming and Chinese blockchains may continue to see volatile swings as traders rotate capital. Overall, expect a cautious start to the next session with lower volumes; new catalysts such as U.S. macro data or regulatory comments could shift sentiment quickly.
Disclaimer: The information provided in this article is for educational purposes only and does not constitute financial advice. Cryptocurrency markets are highly volatile, and readers should conduct their own research or consult a financial advisor before making investment decisions.
