The Crypto Market Is on the Defensive

Market Overview

The crypto market capitalisation has retreated to levels seen at the start of the week, near $2.17T, having failed to mount a sustained rally. The market remains cautious, trading just above its 50-day moving average, which has served as support since the second half of July. Among the popular coins, the top performers over the last day were Uniswap (+8.7%), Filecoin (+4.6%) and VeChain (+4.4%). Notably, Uniswap, with a 60% rise, leads the gains over the last 30 days. The worst performers were Cosmos (-4.2%), Zcash (-3.4%) and Basic Attention Token (-3%). Cosmos has lost 18% over the month, hitting a multi-year low of $1.23 amid high trading volumes and coming relatively close to its all-time low of $1.13, recorded at the market bottom in March 2020.

Bitcoin found support late on Thursday, but its rally stalled once again upon breaching the $65K level, pushing the price back down to $64K at the start of active trading in Europe. We have repeatedly warned of a prolonged consolidation for the leading cryptocurrency following a decline towards the 200-week moving average, as has been the case in several previous instances. It appears that there is active rotation among holders at these levels, but the price is trading within a narrow range.

News Background

Ethereum Institutional, which focuses on the institutional adoption of the ETH blockchain, has attracted over 100 investors as part of an ecosystem funding round. All proceeds will go towards accelerating work with banks, asset managers and custodians to develop their products within the ETH ecosystem.

According to Santiment, the number of Ethereum wallets with a non-zero balance has exceeded 200 million for the first time. Although a single user may own multiple wallets, this figure remains an important indicator of investor activity on the network.

30 July marked the 11th anniversary of the Ethereum mainnet’s launch. On that day, the first block was created, heralding the era of smart contracts and decentralised applications. Over the years, the project has evolved from an experimental idea into a global infrastructure, becoming the foundation for the development of DeFi and NFTs, and for the transition to the Proof of Stake consensus algorithm.

XRP metrics: price, trading volume and open interest continue to decline. According to CryptoQuant, open interest on Binance has fallen to its lowest level since 2024. Over the past 12 months, XRP has fallen by more than 65%.

The FxPro Analyst Team