Crypto market bounces back | Credit: Veronica Cestari
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Key Takeaways
The total crypto market cap has recovered, with BTC reclaiming $110,000 and ETH rising above $4,500.
Cronos, Hyperliquid, and Numeraire prices spiked, showing that altcoins drive the momentum.
The CBBI at 75.57 signals BTC is strong but nearing a cycle peak, while analysts suggest ETH rotation.
Although the recent crypto market crash earlier in the week may have been painful, today’s rebound has reset the playing field. Over the last 24 hours, the total crypto market cap has surged to $3.85 trillion, with Bitcoin (BTC) reclaiming $110,000.
Ethereum (ETH), on the other hand, has also climbed above $4,500. However, the price increases for these two coins are modest.
According to CCN’s findings, several other altcoins have played an even bigger role in shaping recent market moves.
In this analysis, CCN breaks down which tokens stood out and what their performance could mean for the broader market after weeks of inconsistency.
Positive News Helps the Market
Among the top 100 altcoins, Cronos (CRO) led the pack, posting the most substantial gains from Crypto.com’s new partnership with Trump Media.
Meanwhile, Hyperliquid (HYPE) also stood out as a top performer, soaring to a fresh all-time high.
Outside of the top 100, Numeraire (NMR) also contributed with its 100% spike in the last 24 hours. But there is more outside of prices.
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Amid these updates, Coinglass data shows that the Crypto Bitcoin Bull Index (CBBI) has slipped to 75.57. The CBBI is designed to evaluate the stages of Bitcoin’s market cycle.
Higher scores near 100 suggest the market is overheated and approaching a cycle top. However, lower scores closer to 0 indicate undervaluation and potential bear market bottoms.
Traditionally, readings above 80 or 90 have been seen as sell signals, hinting that the market may be overextended, whereas levels below 20 are considered buy signals.
At 75.57, the index sits below the overheated threshold. However, it remains elevated, suggesting that while Bitcoin may still have room for upside, the risks of nearing a cycle peak are becoming harder to ignore.
Crypto Bitcoin Bull Market Index | Credit: Coinglass
CCN spoke to Leo Zhao, Investment Director at MEXC Ventures, regarding this. According to Zhao, Bitcoin’s price can still reach $130,000.
However, he opined that most of the capital rotation will go into ETH as the crypto market nears the year-end.
“Adding to the pressure is investor rotation into Ethereum, which has accelerated in recent times, with ETH-linked products posting multi-billion-dollar inflows already in August in light of ETH outperforming BTC in recent times. Hence, BTC is likely to drift into a period of market consolidation as the market digests the recent distribution,” Zhao said.
Like Zhao, crypto analyst Michaël van de Poppe has noted that ETH’s price could benefit if BTC struggles to break above its overhead resistance.
“If Bitcoin doesn’t break through the resistance, then we’re in a bad territory. However, a great territory for accumulation. In that case, this region is the ideal region to accumulate ETH,” van de Poppe stated on X.
$151M Unlock Puts This Altcoin in the Spotlight
Several altcoins have posted gains over the past 30 days, but as the year progresses, SUI stands out as one to watch. In four days, the project will unlock $151.34 million worth of coins.
Historically, SUI has faced initial downward pressure after token unlocks, as new supply hits the market.
However, the coin has typically staged a rebound shortly afterward. If history repeats itself, this upcoming unlock could follow the same pattern — brief weakness followed by renewed strength.
From a technical standpoint, the daily chart reveals a bearish divergence between SUI’s price and the Money Flow Index (MFI). At the same time, however, the chart also shows the formation of a bull flag pattern, which typically signals continuation to the upside.
This mixed setup suggests that while SUI’s value could temporarily dip below the $3 support, the aftermath of the upcoming token unlock might set the stage for a breakout toward $5.
That said, traders should remain cautious. Broader macro factors — especially expectations of a potential Fed rate cut in September could heavily influence market sentiment.
If the Fed delays or pulls back from easing, altcoins across the crypto market, including SUI, could face fresh downside pressure.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
