Altcoins Take Center Stage as Bitcoin's Momentum Builds: Your Daily Crypto Update

By James Van Straten (All times ET unless specified otherwise) As bitcoin holds steady just below its record high of $86,817.46, the derivatives market is exhibiting signs of exuberance, with perpetual funding rates indicating a strong presence of long positions and traders paying a premium to maintain their bullish stance. This trend can be interpreted in two ways: either the rally that propelled the largest cryptocurrency to $123,000 still has momentum, or it may be nearing exhaustion if not supported by increased spot buying, highlighting the complexities of the market. According to Glassnode's latest weekly report, bitcoin has broken into new all-time highs, signaling robust underlying momentum. However, short-term holders are now sitting on significant unrealized profits, pushing key indicators into slightly overheated territory. On Wednesday, markets were briefly shaken by speculation that President Trump was planning to remove Federal Reserve Chair Jerome Powell, causing risk assets to dip before the White House clarified that he had no such plans. A Freedom of Information Act (FOIA) request revealed that the U.S. Marshals Service holds approximately 28,988 BTC, far fewer than previously assumed, raising new questions about the potential impact of future government auctions on the market. As bitcoin's momentum slows, altcoins are gaining attention. Bitcoin's dominance has decreased from 66% to 62%, while the total cryptocurrency market capitalization has surged to a record high of $3.8 trillion. Ether is trading above $3,400, driven by a 7% daily gain fueled by ETF inflows and positive regulatory sentiment. Solana also saw a 5% rally after Galaxy Digital acquired $55 million worth of SOL, underscoring growing institutional demand. Key Events to Watch Upcoming Conferences The CoinDesk Policy & Regulation conference, scheduled for September 10 in Washington, will bring together general counsels, compliance officers, and regulatory executives to meet with public officials responsible for crypto legislation and oversight. Limited spaces are available; use code CDB10 for a 10% discount on registration through July 17. Market Analysis By Shaurya Malwa Derivatives Positioning Market Trends Bitcoin Statistics Technical Analysis Crypto Equities ETF Flows Spot BTC ETFs Spot ETH ETFs Source: Farside Investors Overnight Market Movements Chart of the Day Market Updates