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Crypto market caps consolidate in a bullish range as Bitcoin nears $79K
Total crypto market capitalization has held between $2.58T and $2.68T for nearly two weeks, while trading volumes on major exchanges are 70% lower than in October.
Crypto market capitalization has stayed in a $2.58T to $2.68T band for nearly two weeks after a rally from Aug. 19 to Aug. 22, according to Action Forex. The outlet frames the current pullback as a bullish consolidation, citing a recent technical breakout and a sentiment index reading of 65, which it links to greed.
Bitcoin is trading just below $79K, moving within a narrow range despite a weaker US dollar and anxiety in equities and bonds, Action Forex said. The pause is also tied to prior resistance in the same area in May and to earlier support around those levels in April 2025.
Among the factors cited as bullish, Action Forex points to an impending “golden cross” where the 50-day moving average rises above the 200-day moving average, with price trading above that crossover. It also notes that volumes on the largest exchanges are 70% lower than in October 2024 and says CryptoQuant views activity as still too weak to call the start of a new bull cycle.
Beyond price action, Action Forex highlights shifts in crypto exposure and stablecoin plans. Remixpoint, a Japanese DAT company, has sold its entire altcoin portfolio and is accumulating only Bitcoin, while Hyperliquid Strategies plans to expand its HYPE-focused share issuance program from $1 billion to $2.5 billion, and Bank of America, Goldman Sachs, Citi, and 18 other banks have agreed to form a stablecoin joint venture, targeting the first US dollar-pegged stablecoin launch in the first half of 2027.
Latest closeBitcoin $81,004.44 ▲4.8%