Crypto Market Weekly Report: The market has experienced significant fluctuations, with Bitcoin and Ethereum showing resilience.

This week, the crypto market experienced significant fluctuations. At the beginning of the week, influenced by the decline in global markets, the prices of Bitcoin and Ethereum fell sharply. However, with the release of new macroeconomic data, market sentiment improved, and the prices of major cryptocurrencies began to rebound.

Market Performance

Bitcoin faced a severe blow on Monday but subsequently demonstrated strong recovery ability. Ether also experienced significant fluctuations, although the rebound was relatively small.

Important Events

1. Global market Fluctuation: On Monday, the Japanese stock market triggered a circuit breaker, and all three major U.S. stock indices fell, raising concerns about an economic recession.

2. U.S. Economic Data: July ISM Non-Manufacturing PMI exceeded expectations, and the number of initial jobless claims decreased in early August, alleviating concerns about an economic recession.

3. Geopolitical Risks: The escalating tensions in the Middle East are adding extra pressure to the global markets.

4. U.S. Political Trends: The Democratic Party nominates the current Vice President as a presidential candidate, and his initial contact with the encryption industry has attracted attention.

Altcoin Market Overview

This week's Fear and Greed Index fell to 9.2%, indicating extreme fear in the market. Most Altcoins rebounded after a significant drop on Monday, but the extent of the rebound was not as strong as the overall market, showing that investors remain cautious.

The top five tokens in terms of price increase are distributed across different tracks such as DEX, Depin, L1s, wallets, and privacy, without showing significant characteristics of sector concentration.

Meme tokens suffered a heavy blow earlier this week, and although there was a rebound afterwards, their overall performance lagged behind other sectors. It is noteworthy that the pace of updates in the Meme category has accelerated, reflecting the coexistence of vitality and instability in this sector.

Social Media Hotspots

The L1s track has become the focus of social media this week, but the performance of related tokens is uneven. Some tokens have rebounded, but the strength is not as strong as the overall market, which may suggest limited financial support.

Track Performance

The Payment sector performed the best, mainly driven by the positive news of XRP winning the lawsuit against the SEC. In contrast, the RWA sector performed the worst, possibly impacted by expectations of an economic recession in the United States.

Outlook for Next Week

1. Bitcoin is expected to continue its wide fluctuations, and investors should remain cautious but can pay attention to rebound opportunities.

2. Ethereum may fluctuate in sync with Bitcoin, with continuous inflow of funds into spot ETFs, there may be short-term buying opportunities, but long-term risks still exist.

3. The altcoin market is expected to rebound, but the extent may be limited, and investors need to closely monitor market changes.

Overall, despite the ongoing macroeconomic and geopolitical risks, the crypto market has shown some resilience. Investors should remain vigilant and closely monitor market trends and the release of important economic data.