According to BitMart's market report on September 8, the total market capitalization of cryptocurrencies over the past week was $3.83 trillion, an increase of 2.41% compared to the previous week.
This Week's Cryptocurrency Market Dynamics
Last week (9.01-9.07), the net inflow amount for BTC ETFs was $349 million, while BTC remained in a narrow fluctuation range of $107,000 to $113,000 throughout the week, resulting in relatively small overall market volatility. Currently, BTC's market share is reported at 57.7%, roughly unchanged from last week. BTC has retraced 11% from its historical high set in August, which the market considers a normal pullback. Last Friday, the U.S. non-farm payroll data was released, and with clearer expectations for a rate cut in September, it also raised concerns about an economic recession.
Last week, ETH ETFs experienced a net outflow of $787 million, with daily trading volumes showing net inflows throughout the week. Despite this, ETH's market performance remained relatively stable, without significant price declines. ETH's market share is currently reported at 13.5%, showing a certain degree of decline compared to last week; the ETH/BTC exchange rate is reported at 0.0389, a significant drop of about 5% from last week, indicating that BTC outperformed ETH during this period. ETH has retraced 13% from its historical high set in August, as the market awaits the CPI data release on September 11.
This Week's Popular Cryptocurrencies
In terms of popular cryptocurrencies, MYX, WLD, HYPE, PENGU, and WLFI have all performed well. MYX's price increased by 217.8% this week, with a 24-hour trading volume of 3.15 million. WLD's price rose by 47.6%, reaching a peak price of 1.28 USDT. HYPE and PENGU increased by 12.1% and 8.7%, respectively, this week.
U.S. Market Overview and Hot News
Last week, U.S. stocks experienced overall fluctuations, with the Dow Jones Industrial Average slightly down by about 0.3%, the S&P 500 up by 0.3%, and the Nasdaq showing stronger performance with an increase of about 1.1%. Weak non-farm employment data raised market expectations for a rate cut by the Federal Reserve in September, with technology stocks, particularly in the AI and semiconductor sectors, leading the gains, while the energy sector faced relative pressure.
The U.S. SEC plans to make a decision on Bitwise's Bitcoin and Ethereum ETF physical redemption application on September 8;
The U.S. August CPI data will be released on September 11 at 8:30 PM;
SOL Strategies has been approved to list on Nasdaq on September 9, with the stock code STKE;
Popular Sectors and Project Unlocks
Memecoin Sector
The Memecoin sector was vibrant last week, with a cumulative increase of about +10.6%, particularly highlighted by Dogecoin (DOGE), which saw a +10.6% rise. With strong momentum and heightened market sentiment, if community support and attention continue, there remains short-term elasticity.
Aptos (APT) will unlock approximately 11.31 million tokens at 6 PM Beijing time on September 11, representing 2.20% of the current circulating supply, valued at about $48 million;
Cheelee (CHEEL) will unlock approximately 20.81 million tokens at 8 AM Beijing time on September 13, representing 3.13% of the current circulating supply, valued at about $56 million.
Risk Warning:
The risks associated with using BitMart services are entirely borne by you. All cryptocurrency investments (including returns) are inherently highly speculative and involve significant risk of loss. Past, hypothetical, or simulated performance does not necessarily represent future results.
The value of digital currencies may rise or fall, and buying, selling, holding, or trading digital currencies may involve substantial risks. You should carefully consider whether trading or holding digital currencies is suitable for you based on your personal investment goals, financial situation, and risk tolerance. BitMart does not provide any investment, legal, or tax advice.
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