The crypto market surged on August 11, starting with new energy as Bitcoin approached $120,000. This rally boosted investor confidence, driving the total market value to $3.99 trillion within just 24 hours, a 0.99% increase.
As of Writing, Bitcoin traded at $119,868, gaining 0.96%, with $86.96 billion in daily volume. As a result, Bitcoin dominance rose to 59.92%.
Pump.fun Leads the Gainers
Several altcoins outperformed. PUMP token surged 18.25% to $0.003686, with $398.1 million in trades. Lido DAO (LDO) climbed 13.76% to $1.51 after whale wallets boosted holdings. MemeCore (M) advanced 5.06% to $0.4673 on $18.2 million volume.
However, others fell sharply. Fartcoin (FARTCOIN) dropped 7.09% to $0.9919 with $213.1 million traded. Aerodrome Finance (AERO) slipped 6.94% to $1.16, while Tezos (XTZ) lost 4.46% to $0.84.
The rally comes on the heels of a US Senate proposal suggesting that 5% of the federal reserves be allocated to Bitcoin. Additionally, ICE collaborated recently with Chainlink to tokenize forex and metals data, boosting institutional confidence.
Market Overview
Moreover, DeFi trading volume reached $45.89 billion, increasing by 23.03% of all activity. On the other side Stablecoins dominate with a $193.48 billion, which is about 97.08% of daily trades.
The Fear and Greed Index was reading at 62, which usually is an indication of a bullish mood in the market. The Altcoin Season Index was at 34, meaning Bitcoin is the one dominating.
Ethereum surged in derivatives trading, with monthly volume increasing by 47.8% to reach $413.6 trillion. Weekly funding rates moved by 77.5%, pushing ETH closer to $4.3K. This week, ETF inflows amounted to $461 million, with BlackRock’s IBIT holding onto 254,000 ETH.
In addition, rallies driven by ecosystems kept the momentum going. LayerZero (ZRO) saw a 23% increase following a $110 million proposal for a Stargate acquisition. Meanwhile, ZORA surged by 46% thanks to rising activity around the Base App coin.
Also Read: Crypto Products Add $572M as ETH, BTC See Rebound: CoinShares
