The first week of August brought a powerful boost to the entire cryptocurrency market: the total market capitalization jumped from a low below $2.2 trillion to reach $2.9 trillion by August 8. Bitcoin led the rally, reclaiming the $65,000 mark for the first time in August and pushing its total market capitalization above $1.3 trillion.
Market data shows that over seven days, Bitcoin gained over 3%, rising from $62,721 to a peak slightly above $65,300 on Friday, before consolidating above a key support level. Importantly, Bitcoin maintained these gains despite regulatory headwinds arising after the US Senate failed to pass the CLARITY Act.
While Bitcoin stabilized the overall market, Cardano ($ADA) was the week's leader, posting double-digit growth for the second consecutive week. On August 6, the price of $ADA rose from $0.174 to $0.211—a high not seen since June 4—driven by news of a strategic integration between Cardano and the Injective protocol. Despite this short-term breakout, $ADA has still lost nearly 30% over the past 90 days.
Privacy-focused assets were also in demand: ZEC and XMR jumped 8% and 7%, respectively. Large-cap altcoins mirrored the positive market sentiment: BNB rose 5%, reclaiming the psychological level of $600, while SOL and HYPE also showed gains. Gold-backed tokens PAXG and XAUT rose more than 7%, following spot gold, which climbed from $4,233 per ounce to a Friday high of $4,364.
At the same time, some major altcoins lagged behind the broader market rally. On August 7, XRP fell below the $1.02 mark, ending the day with a 1.5% loss and becoming the only digital asset in the top 10 to show a weekly decline. Stellar (XLM) also fell by 3.3%, while more severe corrections affected CC (-20%), CRO (-9%), SHIB (-8.8%), and ONDO (-8%).
Looking ahead, the confirmation that the vote on the CLARITY Act has been postponed removes a key macroeconomic catalyst that market participants were counting on to trigger a sustained Bitcoin rally in the second half of 2026. With momentum in the federal legislative process temporarily on hold, short-term price action is likely to be dictated by industry factors and internal crypto catalysts, at least until September 15, when the Senate is expected to bring the bill back up for discussion.
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