08/04 Market Recap: BTC Surges, DOGE & ETH Soar


Bitcoin (BTC) made headlines by surging past the $70,000 mark for the first time in about a week, igniting excitement across the market. This upward trend wasn’t limited to Bitcoin alone; Ethereum (ETH) also saw significant gains, reclaiming the $3,500 level. Among the stars of the day, Dogecoin (DOGE) leapt above $0.2, showcasing the enduring appeal of meme coins, while WIF made an impressive jump of 16%, soaring to over $4.

NEO was among the top earners of the day with a 30% increase and breaking $20. Wormhole, Flare and eCash were some of the few losers in the top 100, posting losses of 3-5%.

The market’s overall mood was buoyant, with the total cryptocurrency market capitalization swelling by approximately $70 billion in a single day, nearing a staggering $2.8 trillion. This rally underscores the vibrant and unpredictable nature of the crypto space, where fortunes can shift in the blink of an eye.

Bitcoin’s journey through the week was a rollercoaster, with its value dipping below $64,500 at one point, only to rebound strongly above $69,000. Despite a brief pullback, the leading cryptocurrency managed to break through the elusive $70,000 barrier, reaching just over $71,000. This breakthrough has sparked speculation about Bitcoin’s potential to surpass its early March all-time high of $73,800 before the much-anticipated halving event.

On the institutional front, Bitcoin ETFs in the United States experienced a rebound in net flows, contributing to the positive sentiment. Meanwhile, the Ethereum layer-2 blockchain Base hit a new milestone, with its total value locked (TVL) surpassing $4 billion as its transaction count outstripped both Ethereum and its top rival, Arbitrum.

In regulatory news, Terraform Labs and its founder, Do Kwon, were found liable for defrauding investors in a significant SEC civil case. This verdict highlights the ongoing challenges and scrutiny facing the crypto industry.

As the crypto market continues to evolve, these developments underscore the importance of staying informed and agile. Whether it’s Bitcoin’s resilience, Ethereum’s growth, the allure of meme coins, or the regulatory landscape, the world of cryptocurrencies remains a fascinating and fast-paced arena for investors and enthusiasts alike.