Total crypto market cap climbs to $3.7 trillion, ending last week’s choppy movement.
Bitcoin slips below $115K as dominance (BTC.D) drops from 62.54% to 61.97%.
TOTAL2 breaks above the descending channel, suggesting altcoin buying pressure.
This week is kicking off positively as the crypto market turns higher after a stretch of choppy trading and uncertainty last week. Total market capitalization has surged to $3.7 trillion.
The rebound is due to improved sentiment and renewed institutional inflows in several large-cap tokens. This analysis breaks down the key drivers behind the surge and what the coming days could hold for BTC dominance and altcoin performance.
Altcoins Beat Bitcoin to Drive the Crypto Market Up
Despite the market’s broader upswing, Bitcoin (BTC) has again slipped below $115,000. This time, however, altcoins are stealing the spotlight.
Ethereum (ETH) has climbed to $3,550, posting a modest 2.45% gain over the past 24 hours. But the real action is in the high-flyers. For example, MYX Finance (MYX) has surged nearly 100%, Spark (SPK) is up 35%, and Ethena (ENA) has added 12%.
Therefore, the crypto market is up because more capital flows into altcoins.
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From a technical perspective, the 4-hour chart shows that Bitcoin dominance (BTC.D) — the share of the total crypto market cap held by BTC — has slipped from 62.54% to 61.97%.
This starkly contrasts its position last week, when it formed higher highs, which caused altcoin prices to decline. Beyond that, the image below shows that it has formed a bear flag.
As such, Bitcoin’s price is likely to face renewed downside pressure. Furthermore, in blue, the 20-day Exponential Moving Average (EMA) has slipped below the 50-day EMA (yellow) — a death cross formation.
Thus, Bitcoin’s price is likely to face renewed downside pressure. Furthermore, the 20-day Exponential Moving Average (EMA), in blue, has slipped below the 50-day EMA (yellow) — a death cross formation.
This crossover is a bearish technical signal, indicating that short-term momentum has weakened relative to the medium-term trend.
Historically, death crosses on BTC precede extended consolidation periods or deeper corrections.
In line with this view, crypto analyst Michaël van de Poppe said Bitcoin may retest $112,000. He also noted signs that it could rebound to a new all-time high next month.
“Breaking through this area isn’t a guarantee of a new ATH, but a good first step. Rejection here? Yes, that would mean we’re retesting the area around $110,000 to 112,000. There are two crucial areas to break through in order to get a new ATH going: – $114,800 and $116,800. I wouldn’t be surprised if we retest the lows first before we’ll be going towards a new ATH later in the month or more likely, in September. van de Poppe said
Altcoins Break From Downtrend
Meanwhile, unlike BTC.D, the TOTAL2 index has broken above a descending channel on the 4-hour chart. This index tracks the market cap of all altcoins, excluding Bitcoin.
The breakout ends weeks of lower highs and lower lows. It also shows that altcoins are starting to recover faster than BTC.
Also, the Money Flow Index (MFI) on the 4-hour chart has risen above the neutral line. This indicates rising buying pressure around the altcoin.
If this trend holds, the total altcoin market cap could soon surpass $1.55 trillion. In that scenario, altcoins — not Bitcoin — may keep the crypto market up in the coming weeks.
Altcoins Market Cap 4-Hour Chart | Credit: TradingView
However, if BTC.D rises again, altcoins might experience a pushback, which could drag the crypto market down.
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.
