The slowed-down crypto market continued to exhibit signs of instability on Thursday, August 28. Bitcoin rose by 1.32 percent in the last 24 hours to touch the price mark of $112,795, showed CoinMarketCap. The price escalation comes days after the asset simmered within the range of $111,000 and 112,500.
Market analysts, in conversation with CoinHeadlines, pointed out that the market sentiment could change as macroeconomic data such as the US jobless claims and the GDP numbers are scheduled for release later on Thursday.
“Bitcoin is holding steady above the $111,700 mark as on-chain trends turn bullish. For the first time in 10 days, exchanges saw net outflows of 192 BTC, indicating that investors are inclined to hold BTC in the long term, easing sell-side pressure,” said Edul Patel, Co-founder and CEO of Mudrex.
On Bitcoin’s price trajectory, Patel claimed that $111,000 is acting as the immediate support for the asset whereas a breakout above $113,100 could accelerate BTC’s momentum towards $115,000, subsequently strengthening the case for a sustained uptrend.
Ether dipped by under one percent over the last day to trade at $4,560 on Thursday. Despite this minor price dip, the asset has clocked over six percent in profits in the last seven days.
“All eyes are now on Ethereum’s massive $5 billion options expiry due Friday, which could act as a catalyst for broader market direction. If ETH breaks higher, optimism is there in the market for potential 20–30 percent rally across altcoins like Dogecoin and Solana. For now, Ethereum’s trajectory is keeping sentiment anchored despite Bitcoin’s struggle,” Avinash Shekhar, Co-Founder and CEO of the Pi42 exchange told CoinHeadlines.
Most altcoins reflected price dips on Thursday, CoinMarketCap showed. These include Solana, Dogecoin, Tron, Cardano, Chainlink, and Stellar among others. Avalanche, Toncoin, Shiba Inu, Polkadot, and Monero have also tumbled over the last day.
The overall crypto market cap rose by one percent to hit the valuation of $3.91 trillion.
“Select alts like JTO, RAY, and HYPE show strong momentum. Cronos (CRO) stole the spotlight, surging 40 percent after the announcement of a $6.4 billion treasury initiative in partnership with Trump Media and others as a reminder of how strategic capital deployment can shift sentiment overnight. Now, the CFTC’s integration of Nasdaq’s surveillance system marks a decisive step toward curbing manipulation, signaling a maturing landscape for digital assets,” said Himanshu Maradiya, Founder and Chairman, CIFDAQ, commenting on the market situation.