The crypto market surged on August 28, reclaiming momentum as global capitalization climbed to $3.91 trillion after a sharp 0.92% rise in just 24 hours. Trading activity also strengthened, with daily volumes hitting $174.11 billion, up 1.75%.
The top cryptocurrency by market capitalization Bitcoin traded at $112,818 as of writing with a trading volume of $63.68 billion, having a 1.31% increase. Meanwhile, Ethereum, the second-largest player in the market, hovered around $4,585.17 but experienced a slight dip of 0.22%, even with $40.51 billion in transactions flowing through.
Reasons Behind the Market Uptick
Some of the key drivers of the market were the U.S. Strategic Bitcoin Reserve initiative which gained momentum as Trump-era policies accelerated adoption. At the same time, El Salvador’s President Nayib Bukele hinted at raising national holdings to $1 billion, further energizing Bitcoin bulls.
Besides, altcoins experienced an uptick thanks to some new capital coming in. The Altcoin Season Index shot up by 11.11%, reaching 55.6, largely fueled by Ethereum ETF inflows totaling $30.99 billion in assets under management, according to CoinRank.
Additionally, Cronos (CRO) skyrocketed by 45% following the news about a potential Trump Media ETF inclusion, which added to more optimism in the market.
Gainers and Losers Define Momentum
Strong performers included Pyth Network (PYTH), which soared 48% to $0.1699 on $167 million volume. Cronos (CRO) followed with a 38% gain, touching $0.3426 on an eye-catching $2.54 billion turnover. Conflux, Ethena, and Raydium also posted steady rallies.
However, not all assets shared in the rise. OKB (OKB) plunged 6.33% to $163.78, while Aerodrome Finance (AERO) fell 4.42% to $1.26. Hyperliquid (HYPE), Sky (SKY), and Aave (AAVE) also faced declines, showing traders’ quick rotations.
According to the latest data from CoinMarketCap, investor sentiment was neutral today, with the Fear and Greed Index sitting at 45.
Bitcoin is still dominating with a dominance of 57.4%, and Ethereum gas fees are staying low, which means there’s less congestion and transactions are cheaper.
Although institutional actions and altcoin spikes have kept the market moving in a bullish direction, volatility is a cause for concern.
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