The global cryptocurrency market grew modestly to $2.07 trillion as of 9 am IST, a 1 per cent growth, as Ethereum (ETH) registered its first breakout move against Bitcoin (BTC) in recent weeks. The market was supported by more than 5 per cent growth in Polkadot (DOT), Chainlink (LINK) and Ripple (XRP). Trade volumes across exchanges rose by 18 per cent on altcoin speculation among traders and intra-day growth in Bitcoin.

Bitcoin (BTC) dipped by a modest 0.6 per cent and closed the day at $46,850 with an intra-day high of $48,180. BTC held on to its 20-day EMA support at $46,500 with BTC trade volumes growing 16 per cent. BTC price action is expected to be bearish until mid-September with analysts expecting a low of upto $43,000 before it resumes its rally towards $55,000. BTC dominance has gone below 43 per cent for the first time since June.

ETH broke out of a wedge on a daily time frame and registered a strong breakout rally against BTC. It broke through resistance at $3,300 to end the day at $3,425, a 6 per cent gain overall. ETH is expected to gain on BTC in the upcoming weeks if BTC continues to register range bound declines. This move comes after strong rallies among its key competitors Cardano (ADA) and Solana (SOL) in the previous weeks.

Among the top 20 cryptocurrencies altcoins, DOT led the way with a 14 per cent gain today followed by LINK and XRP with 5 per cent gains. Terra (LUNA), Internet Computer (ICP), SOL and ADA registered upto 8 per cent declines. Among the top 50, Kusama (KSM), Cosmos (ATOM) and Algorand (ALGO) registered double digit gains.

ETH and a few key altcoins will have to support the market in the next few weeks as BTC consolidates. BTC dominance can go lower towards 40 per cent in such a scenario.

Top Gainers today:

1. Kusama (KSM): 22.0%
2. Elrond (EGLD): 14.8%
3. Polkadot (DOT): 14.1%

Top Losers today:

1. Perpetual Protocol (PERP): -14.3%
2. Fantom (FTM): -13.3%
3. Celo (CELO): -11.4%

The analysis includes the top 100 coins only as of 9 am IST

Source: CoinMarketCap

Crypto News at a Glance:

1. Global crypto exchange Coinbase is planning to integrate Polygon’s Layer 2 scaling solution for Ethereum on its platform to reduce costs and to better settlement times.
2. El Salvador is reportedly creating a $150 million Bitcoin trust that will allow merchants to exchange Bitcoin for US dollars to offset their risk. Bitcoin becomes legal tender in El Salvador on September 7.
3. FTX.US, the US-based affiliate of crypto exchange FTX, has acquired crypto derivatives platform LedgerX to offer options and futures contracts on Bitcoin and Ethereum to institutional and retail investors.
4. Offchain Labs, the team behind Arbitrum One (a Ethereum layer two platform), has completed the public mainnet launch of its optimistic rollups solution having secured $120 million in a Series B fundraising round.

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