Forecast Trend Report by Period
The global cryptocurrency market has added more than $430 billion in value in less than a week. Bitcoin reclaimed the $80,000 level, and buying spread to major tokens including Ether, Solana and XRP, fueling the steepest rally in months.
CoinGecko data showed the global crypto market capitalization reached $2.68 trillion on Aug. 24, up about 19% from roughly $2.25 trillion a week earlier. Some profit-taking followed, but the total market value still held at about $2.7 trillion on Aug. 28.
Bitcoin rose 23% over seven days to $78,995 during the rally. It traded above $80,000 intraday for the first time since May. Ether gained 30% over the same period to $2,481, while Solana climbed 28% to $96.82. XRP jumped 48% to $1.48, the biggest increase among major cryptocurrencies.
Expectations for US liquidity support and regulatory changes helped drive the advance. The Treasury Department's plan to expand buybacks of long-term government bonds raised hopes that pressure from rising market interest rates could ease. Investor sentiment also improved after President Donald Trump urged Congress to pass cryptocurrency legislation. US spot Bitcoin exchange-traded funds posted about $1.92 billion of net inflows in the week ended Aug. 21.
Still, the increase in market capitalization does not mean $430 billion in fresh money flowed into the market. QCP Capital, a Singapore-based crypto investment firm, said a drop in derivatives open interest suggests the rally was driven not only by new buying but also by forced liquidations of short positions. After hawkish comments from Federal Reserve Chair Kevin Warsh stoked concern about a September rate increase, ETF flows and US interest rates will help determine whether the rally can continue.
