The overall crypto market continues to stay in slumber as supply pressure maintains over an already fragile market. Bitcoin on Friday, August 29 reflected a dip of under two percent on international exchanges. This brought the asset’s value to $111,200.
In conversation with CoinHeadlines, market analysts pointed out that the stronger U.S. GDP in Q2 has dampened risk appetite among investors, curbing immediate upside to the market.
“Bitcoin is struggling to hold above $112K after miners offloaded nearly $485 million worth of BTC over the past week, injecting supply pressure into an already fragile market. On-chain signals show momentum slipping, with CryptoQuant’s bull score turning bearish and key support levels being retested,” said Avinash Shekhar, Co-Founder and CEO of the Pi42 exchange. He further added that the next few days will decide if BTC’s consolidation would deepen or its recovery would gain traction.
Ether dropped in price by 2.09 percent in the last 24 hours. Data by CoinMarketCap shows the second-most expensive crypto asset presently trading at $4,475. In the last seven days, ETH clocked a 4.37 percent rise in its average price. In contrast, BTC’s seven-day moving average reflected a loss of 1.50 percent.
“Ethereum, however, remains a bright spot, with booming smart contract activity bolstering its path toward the $5,000 milestone despite short-term consolidation. Altcoins like XRP and Dogecoin are still under pressure but could swiftly join any rebound if Ethereum breaks higher,” Shekhar added.
Most of the altcoins showed minor price fluctuations — inclined towards losses on Friday. These include Ripple, Binance Coin, Solana, Dogecoin, Tron, Cardano, and Chainlink among others. Litecoin, Shiba Inu, Toncoin, and Polkadot are among other assets that registered dips on the price charts
“Solana has confirmed a bullish breakout, gaining about 18% in the past week. Institutional interest as a treasury asset is contributing to this price action. With momentum intact, SOL could advance toward $234, with solid support established around $200,” Edul Patel, CEO of Mudrex crypto exchange highlighted, speaking to CoinHeadlines.
The overall market cap of the crypto sector is down by 1.29 percent with valuation sitting atop the $3.86 trillion mark.