Crypto Market Cap Adds $200B in Days as Ethereum (ETH) Taps $4.2K: Weekend Watch

Bitcoin’s price gained a few grand over the past days but was stopped ahead of $118,000 and now stands around $117,000.

Many altcoins have significantly outperformed the market leader, which has reduced its dominance by 2% to 58%.

BTC Dominance Drops

August started on the wrong foot for bitcoin, which started to lose value rapidly due to overall global economic uncertainty and Trump’s controversial actions that had a few nuclear submarines move close to Russia’s borders. The culmination took place on August 3 when BTC slumped to a multi-week low of just under $112,000.

Nevertheless, the bulls stepped up in the following days and didn’t allow a breakdown below $110,000. Just the opposite, the cryptocurrency started to recover and bounced to almost $118,000 yesterday, which became a 9-day high.

It failed there and now stands at around $117,000. Its market capitalization has calmed at approximately $2.330 trillion, while its dominance over the altcoins has taken a major hit. The metric is down to 58% on CoinGecko, which means that it has declined by 2% in just a few days.

Alts Take Main Stage

Altseason speculations are running rampant once again as many alts have produced impressive gains over the past days. Ethereum is leading the pack, with a massive surge to a three-and-a-half-year high of $4,200.

DOGE, LINK, and HYPE are the other notable gainers from the larger-cap alts, with price pumps of up to 8%. CRO, UNI, XMR, and many other mid-cap alts have also performed incredibly since yesterday. ENA has taken the spotlight, with a mindblowing 20% surge that has taken it to $0.73. PEPE follows suits, with an 11% pump.

Pi Network’s token has reacted well to the recent declines and is up by 10% to $0.4.

The cumulative market cap of all crypto assets has gained almost $200 billion since Thursday and is beyond $4 trillion once again.