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Crypto market slips near $2.17T as rally stalls
Total crypto market capitalization is near $2.17T, trading just above its 50-day moving average that has supported prices since late July, while bitcoin retreats to the $64K range after failing above $65K.
Crypto market capitalization has fallen back to levels seen at the start of the week, hovering near $2.17T, after failing to sustain a rally, according to Action Forex. The broader market is cautious and is trading just above its 50-day moving average, which has acted as support since the second half of July.
Among major tokens, Uniswap rose 8.7% over the last day, while Filecoin gained 4.6% and VeChain added 4.4%. The weakest performers included Cosmos (-4.2%), Zcash (-3.4%), and Basic Attention Token (-3%).
Bitcoin found support late Thursday, but its advance stalled after breaching the $65K level, with the price slipping to about $64K at the start of active trading in Europe. Action Forex also pointed to expectations of prolonged consolidation for leading cryptocurrencies after a drop toward the 200-week moving average, noting price action within a narrow range.
In Ethereum-linked developments, Ethereum Institutional has attracted more than 100 investors as part of an ecosystem funding round, with proceeds aimed at accelerating work with banks, asset managers, and custodians for products within the ETH ecosystem. The outlet also cited Santiment data showing the number of Ethereum wallets with a non-zero balance has exceeded 200 million for the first time, and noted 30 July marked the 11th anniversary of the Ethereum mainnet launch.
Latest closeBitcoin $62,929.67 ▼2.8%|Ethereum $1,861.61 ▼2.9%