BitMart Market Weekly Report 8.11-8.17

This Week's Cryptocurrency Market Dynamics

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

ETH price consolidated around $4,220, and after a brief period of pressure, it experienced a strong surge on August 12, with a daily increase of nearly 8.7%, breaking through the $4,600 mark. Subsequently, bullish sentiment continued to release, pushing ETH to a new local high of $4,783 this week, just about 3% away from its historical peak. Throughout the overall upward process, trading volume significantly increased, showing a trend of active capital entering the market.

This Week's Popular Cryptocurrencies

In terms of popular cryptocurrencies, ADA, SKL, ALPINE, CTSI, and ALU have all performed well. ADA's price increased by 1.54% this week, reaching a maximum price of 1.0139 USDT. SKL's price surged by 58.79%, with a 24-hour trading volume of 6.73B. ALPINE and CTSI rose by 56.51% and 43.75% respectively this week. ALU had a 24-hour trading volume of 1B.

U.S. Market Overview and Hot News

Dow Jones Index: Best performer, with an increase of about +1.7% last week, outperforming the other two major indices. S&P 500: Up about +0.9%, achieving a weekly winning streak (four wins and one loss). Nasdaq Index: Up about +0.8%, also reaching a new high this week.

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

Wyoming's stablecoin WYST is set to launch on August 20;

The Federal Reserve will release the latest monetary policy meeting minutes at 12 AM Beijing time on August 21;

Powell will speak at Jackson Hole on August 22, with the market focusing on interest rate cuts and succession trends.

Popular Sectors and Project Unlocks

Base

The decentralized exchange (DEX) on Base chain has surpassed $2 billion in daily trading volume for the first time, setting a new local high, highlighting its trading activity and capital capacity in the Layer 2 track. The current increase in trading volume not only reflects the warming market sentiment but also demonstrates Base's competitiveness in terms of fee advantages and execution efficiency.

Fasttoken (FTN) will unlock approximately 20 million tokens at 8 AM Beijing time on August 18, accounting for 2.08% of the current circulating supply, valued at about $91.4 million.

Melania Meme (MELANIA) will unlock approximately 26.25 million tokens at 8 AM Beijing time on August 18, accounting for 5.60% of the current circulating supply, valued at about $5.7 million.

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

KAITO (KAITO) will unlock approximately 23.35 million tokens at 8 PM Beijing time on August 20, accounting for 10.87% of the current circulating supply, valued at about $26.2 million.

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

Risk Warning:

The risks of using BitMart services are entirely borne by you. All cryptocurrency investments (including returns) are inherently highly speculative and involve significant risk of loss. Past, hypothetical, or simulated performance does not necessarily represent future results.

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