The crypto market has finally broken out of the slow conditions we were watching through much of the summer during the recent Crypto Rally. Bitcoin is now trading close to $80,000 after briefly reaching $81,280, while the total cryptocurrency market cap is around $2.62 trillion.
Right now, that paints a different picture compared to the number we were reporting at the beginning of the month in our August 5th crypto report. Back then, Bitcoin was still holding above $60,000, with the total crypto market cap close to $2.3 trillion.
Bitcoin Breaks Out of Its Summer Range
Right now, Bitcoin is up 9% over the past seven days and is testing the $80,000 price zone.
It’s a substantial move, taking the market’s leading crypto out of its summer sideways trading pattern after a period when it struggled to gain momentum. There was a point where it dropped just below the $60,000 support, but in the long run it remained between $60,000 and $65,000, which already seems way behind us at this stage/Okay.
A key contributor right now is institutional demand via the US spot Bitcoin ETF market, where we’ve had eight consecutive days of inflows, recording $2.8 billion. August’s total institutional inflows have topped $3 billion.
It’s good news because it means we’re no longer relying on leverage trades to support Bitcoin’s price level. On top of that, there was a huge short squeeze last week over just two days, with more than $ 4 billion in short positions liquidated, which has helped the upward trend.
Altcoins Join the Rally
The altcoin market is also joining the rally, helping push the overall crypto market cap to a record $2.62 trillion for the summer of 2026. It’s an important piece of the puzzle, as altcoins make up just over 40% of the crypto market.
Solana is now worth $101, up 20% over the past week, and Ether has also recorded an 11% bump to $2,490.
Finally, some good news for XRP HODLers, who remained faithful. The altcoin posted market gains of more than 50%, springing up from its low of $1 to $1.07 throughout August. After tipping past the $1.50 mark, it pulled back to its current level, trading just above $1.42. Since last week’s report, when XRP reached $1.27, it has gained 11.8%.
Other notable altcoins like Dogecoin and Hyperliquid HYPE are up 16% and 12%, respectively, this week. Two other altcoins worth mentioning this week are Ethena’s ENA, which gained around 45% and Zcash, which surged 55%. FYI, a Zcash spot ETF was recently launched this week
These figures look great, but we’re not calling it alt season just yet, in the same way we are not going to call the Bitcoin rally a bull run. Still, it’s interesting to see multiple altcoins outperforming Bitcoin, a classic bull-run indicator.
Key market indicators
The Fear & Greed Index is broadly unchanged since last week. It’s currently at 71, a 1-point drop from last week’s report. Nothing to worry about here. Clearly, market sentiment is in the high-ish greed range.
Another indicator we regularly watch is Bitcoin supply and profit. We’ve seen a 4.1% increase, from 66.75% last Friday to 70.8% today. It’s already broken through a marker, a benchmark that indicates an accumulation phase. We’re two weeks in. Let’s see what the future holds.
What Is The Next Market Test To Keep An Eye Out For?
For the bulls, the market looks optimistic, especially compared with the last few months of range-bound trading.
One thing to watch is that Bitcoin is already showing on technical indicators as overbought. That could mean we won’t see much more upward price movement, but it’s not impossible. If the RSI falls back to a more neutral position and Bitcoin gives up only a small margin without a large sell-off, it will have shed some excessive price momentum and leave room for more buying pressure, which could signal a bull run.
If Bitcoin can hold the gains without absorbing all of the market’s capital, the stronger altcoin performance could continue. A drop in Bitcoin dominance alongside sustained strength in Ether, Solana and other large-cap tokens would provide much clearer evidence that the market is moving toward a genuine altcoin season.
For now, crypto looks very different from the market we were watching earlier this month.
Disclaimer: This is not financial advice. All crypto news reports created by mBitcasino are purely for informational purposes only. If you are planning on investing, please refer to an advisor who specializes in financial advice for cryptocurrency investments.
