Global Crypto Market Cap Rises as Investors Rotate Capital to Altcoins
The total cryptocurrency market capitalisation increased by 0.96% to reach $2.30 trillion, primarily driven by price appreciation in Bitcoin, Ethereum, and other altcoins.
The key driver of the latest crypto market surge is demand for altcoins, though Bitcoin also saw a moderate positive price movement that pushed the market value of all digital assets upward.
Bitcoin (BTC) rose 0.87% to trade at $64,800, while Ethereum (ETH) gained 2.13% to hit $1,910, and Binance Coin rose 1.23% to $573. Most sectors posted gains between 0% and 3%, with the Meme sector leading at a 5% increase, while the “Others” sector remained flat.
A deeper dive showed the market’s gain was led by altcoins, not Bitcoin. The Altcoin Season Index rose to 56, and Bitcoin dominance dipped slightly to 58.67%.
Tokens like Shiba Inu (SHIB) surged over 36% on a massive token burn event, pulling broader attention to the meme coin sector.
Traders are rotating capital out of Bitcoin and into higher-beta altcoins, seeking larger short-term returns. Sustained volume in top gainers like SHIB; a reversal in the Altcoin Season Index would signal rotation back to Bitcoin.
Critically, Bitcoin liquidations plummeted by 52%, with short liquidations dominating at $3.15 million, indicating a flush of bearish leverage.
The market rose with less overhanging sell pressure from leveraged shorts, allowing bullish sentiment to drive prices. Funding rates, which are positive but falling; a sustained negative rate could indicate renewed short positioning.
The immediate path hinges on Bitcoin’s stability above $64,500 and the upcoming Fed meeting on July 28–29. The total market cap is testing its 7-day average at $2.22 trillion, with key Fibonacci resistance at $2.26 trillion.
A clean break above $2.22 trillion could target the $2.26 trillion swing high. However, failure to hold support near the $2.21 trillion pivot point may lead to a retest of the 30-day average at $2.17 trillion. #Global Crypto Market Cap Rises as Investors Rotate Capital to Altcoins# Wall Street Bets Drive Crypto Market Shift, Tokenisation Opens New Frontier
