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Gate Institute: The total market capitalization of cryptocurrencies reaches a historic high of $4.21 trillion | Ethereum search popularity sets a record since 2021
Encryption Asset Overview
BTC (+3.53% | Current Price 123,502 USDT)
BTC found solid support at around $122,000 and gradually moved upwards, breaking through $124,400 on August 14, setting a new high. Short-term moving averages maintain a bullish divergence, and the MACD red bars continue to expand, indicating that bullish sentiment and capital momentum are both strengthening. Structurally, breaking through $124,400 not only broke the upper limit of the previous consolidation range but also came with increased trading volume, confirming the effectiveness of the upward breakout. If it can consolidate firmly above the breakout level, the next step is expected to challenge $125,000 to $125,500; conversely, if the volume declines or meets resistance, it may retest around $123,000 to confirm support before gathering strength to move again.
In addition, on August 13, the net inflow of BTC ETF reached 65.9 million USD in a single day, with BlackRock's IBIT inflowing 111 million USD and Ark's ARKB outflowing 23.9 million USD. Although some ETFs experienced capital outflows, the net inflow led by IBIT significantly outweighed the outflows, indicating that mainstream funds still prefer to increase their holdings in BTC.
ETH (+3.31% | Current Price 4,730 USDT)
ETH continues to show a fluctuating upward pattern, currently trading above $4,700, with moving averages displaying bullish divergence and a strong technical structure. Although there are signs of a pullback in MACD, the green bars are shortening, and after a decrease in momentum, there is hope for a reaccumulation of strength. In the short term, attention should be paid to support around $4,600-$4,700; if it holds, there will be an opportunity to test the resistance level of $4,780 again.
In addition, on August 13, the ETH ETF had a net inflow of $523 million in a single day, with BlackRock's ETHA inflow being $318 million and Fidelity's FETH inflow being $144 million, indicating that institutional funds are continuously increasing their positions in ETH. Such large-scale net inflows are often accompanied by strong buying power, providing significant support for ETH's price in the short to medium term.
GT (+6.51% | Current price 17.815 USDT)
The GT price has retreated after reaching a high of $21.93 and is currently consolidating around $17.8. The moving averages are converging, and the MACD is still below the zero axis, indicating insufficient momentum. In the short term, it may continue to fluctuate in the $17.5~18 range. If trading volume significantly increases and breaks above MA10, it can be seen as a signal for a rebound; conversely, if it falls below $17.5, one should guard against the risk of a retracement to the support level at $16.3.
Daily Price Change Token
Most tokens continue to experience a strong upward trend, with market sentiment high and capital activity significantly increased. Among them, USELESS surged by 45.00%, becoming the focal point of the rally; GITCOIN rose by 36.58%, and tokens like SKL, EIGEN, ARB, and QUBIC all saw increases exceeding 16%, attracting a lot of capital attention. In contrast, XNY fell by 5.87%, and ASP dropped by 4.21%, performing significantly worse than the market, making them some of the few tokens to experience a counter-trend correction.
USELESS Useless Coin* (+45%, circulating market cap 275 million USD)*
According to Gate.io market data, the current price of the USELESS token is $0.2825, which has increased by about 45% in the last 24 hours. Useless Coin is a Meme token based on Solana, focusing on the reverse narrative of "useless is value," shaping brand influence through humor and irony, and emphasizing the role of community culture and Meme propagation in shaping the value of encryption assets.
Recently, the project team announced that it has been included in the asset listing plans of multiple trading platforms, and has gradually opened up recharge and trading. At the same time, the popularity on social media in the market continues to rise, leading to a significant increase in user discussions and attention. These factors have collectively enhanced the market exposure and trading activity of the token, attracting a large influx of funds and new users. Driven by both the new listings and community sentiment, the trading volume has expanded simultaneously, and bullish sentiment has significantly strengthened.
EIGEN Eigenlayer* (+17.84%, circulating market value 514 million USD)*
According to Gate.io market data, the current price of the EIGEN token is $1.62, with a 17.84% increase in the last 24 hours. Eigenlayer is an Ethereum restaking protocol that utilizes Verifiable Cloud and the EIGEN token to provide a verifiable and executable cross-chain security and trust mechanism for the multi-chain ecosystem, allowing users to restake their staked ETH or derivative assets to provide security backing for on-chain services and applications.
Recently, the project announced that the total scale of ETH and EIGEN supported by verifiable cloud has exceeded 23 billion USD, setting a historical record. In collaboration with Canary Protocol, it combines DVN (Distributed Verification Network) with a redistribution mechanism to achieve a new model of cross-chain security and encryption economic accountability. These developments significantly enhance the market's recognition and attention towards Eigenlayer, coupled with the increasing activity in the community and industry, which has boosted market sentiment.
ARB Arbitrum* (+17.80%, circulating market cap 2.839 billion USD)*
According to Gate.io market data, the current price of the ARB token is $0.5555, having increased by approximately 17.80% in the last 24 hours. Arbitrum is an Ethereum Layer 2 scaling solution that significantly enhances transaction throughput and execution efficiency through Optimistic Rollup technology while maintaining the security and compatibility of the Ethereum mainnet, aiming to provide developers and users with a low-cost, high-performance on-chain experience.
Recently, the project team has been very active in the fields of AI and infrastructure, including collaborating with USD.AI to explore the assetization of GPU assets into yield-generating and lendable tokenized assets, and providing incentive funding to expand on-chain AI financing capabilities; in addition, the project has launched a developer information column "Builder’s Block" and participated in multiple ecological and industry events, continuously strengthening the connection between the community and developers. These cumulative effects may enhance the market's recognition and expectations of the potential of the Arbitrum ecosystem.
Hotspot Interpretation
encryption total market value reaches an all-time high of 4.21 trillion USD, Bitcoin's market value has surged past Alphabet to rank 5th globally.
According to CoinGecko data, the total market capitalization of cryptocurrencies has surpassed $4.21 trillion, setting a new historical high, with a 24-hour increase of 3.5%. Meanwhile, the price of Bitcoin continues to reach new highs, with its market capitalization rising to $2.45 trillion, surpassing Alphabet (Google's parent company), and climbing to 5th place in the 8marketcap global mainstream asset rankings. This milestone indicates that the weight of digital assets in the global asset landscape continues to increase, highlighting the driving effect of institutional funds and macro expectations resonating with the market.
The driving factors behind this round of price increase include Bitcoin reaching new highs, leading to an overall increase in the beta coefficient, the continuous net inflow of funds into spot-compliant products, and the increased activity in Ethereum and Layer 2 enhancing on-chain capital efficiency. Looking ahead, it is important to focus on changes in net subscriptions and redemptions of spot ETFs, futures positions and funding rates, the scale of stablecoin inflows, and on-chain activity to assess the continuity of the market trend and the health of market structure.
Ethereum search popularity hit a new high since 2021, with price rising in resonance with on-chain activity.
Google Trends data shows that the search popularity of "Ethereum" has risen to its highest level since 2021, while the search volume for "altcoin" has hit a five-year high, indicating that market attention has shifted from mainstream assets to a broader range of encryption assets. After ETH broke through 4,300 USDT, it oscillated in the range of 4,500–4,670, setting a new high in nearly four years, and on-chain activity continued to climb, with daily transaction counts reaching a historical peak of approximately 1.87 million transactions. Coupled with ETF holdings and institutional fund inflows, these factors provide strong financial and fundamental support for the price.
From the market interpretation perspective, a surge in search popularity often indicates a significant increase in retail participation willingness, while the all-time high in "altcoin" popularity reflects that funds and sentiment are rapidly spreading towards small and medium-cap assets. Against this backdrop, Ethereum is experiencing a simultaneous rise in demand for payment, DeFi, and application ecosystems, creating a dual push from both price and fundamentals; meanwhile, the broader altcoin sector is also expected to benefit from an increase in risk appetite, driving the continuation of structural trends. Overall, the current market is simultaneously driven by both retail enthusiasm and institutional investments, which may maintain a strong momentum in the short term and accumulate upward momentum for the mid-term trend.
Base single-day DEX trading volume突破 2 billion dollars, on-chain activity reaches a high point in this phase.
According to data from Dune, the daily trading volume of decentralized exchanges (DEX) on the Base chain has surpassed 2 billion dollars for the first time, reaching a milestone high and highlighting its trading activity and capital capacity in the Layer 2 space. The rise in current trading volume not only reflects a recovery in market sentiment but also demonstrates Base's competitiveness in terms of fee advantages and execution efficiency.
In terms of trading volume composition, Aerodrome is the absolute leader in Base chain trading volume, with a trading amount of approximately $879 million in the last 24 hours, accounting for over 40%; Uniswap follows closely behind with a trading amount of about $626 million. Together, the two contributed to over 70% of the Base chain's 24-hour trading volume, indicating that funds are highly concentrated in the top protocols.
The rapid expansion of this trading volume may be related to the recent rise in trading of popular on-chain tokens, the continuous implementation of ecological projects, and the inflow of cross-chain funds. With the support of a low-cost trading experience, Base is gradually attracting more high-frequency trading users and liquidity providers, promoting a simultaneous increase in trading depth and activity. If this trend continues, Base is expected to further consolidate its market share in the Ethereum Layer 2 ecosystem and have a sustained impact on the mainstream DEX landscape.
Reference Material:
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