Bitcoin, Ether & Major Altcoins Weekly Market Update - August 2, 2021
Get the latest cryptocurrency market analysis for the week of August 2, 2021, covering Bitcoin, Ethereum (Ether), and major altcoins. Stay informed on price movements, trends, and key events shaping the crypto landscape.
Market Overview: The cryptocurrency market has fallen by 4.8% over the past 24 hours as of early morning Eastern time Wednesday, pushing the market capitalization below $2 trillion again, according to analysts. The total crypto market cap added $71 billion to its value for the last seven-days and now stands at $1,608 billion. The top 10 coins were all in green for the previous period.
Bitcoin (BTC) Analysis: Bitcoin price had lifted above $42,000 over the weekend, but the uptrend was short-lived. At the time of writing, the bellwether cryptocurrency is back to trading under $40,000. As of 6:35 UTC, Bitcoin traded 12.6% lower at $50,827. This move downward continued a decline from the previous week when it fell 13.1% – its largest drop since the FTX exchange collapse in 2025.
Ethereum (ETH) Focus: Ethereum leads the market as anticipation builds for the London hard fork. There is a clear demand for Ethereum / Bitcoin alternatives as users flock to other altchains.
Altcoin Performance: Most altcoins are also in red, starting with various top tokens seeing corrections. Altcoins are heading to new highs, overtaking Bitcoin, while Cardano is set to launch smart contracts this fall. Four tokens have seen price growths that surpassed 10,000% over a 1-year period.
Weekly Recap & Key Events: Missed anything? We\'ve got you covered! Read the Weekly recap to find out more about the main events. Elon Musk took an interest in Bitcoin, a country adopted the cryptocurrency as legal tender, exchange-traded funds hit the market for the first time, and there were some BIG corrections. A curated weekly summary of forward-focused crypto news that matters.
Live Crypto Prices (CoinMarketCap):
| Name | Price | 1H % | |
|---|---|---|---|
| 1 | Bitcoin BTC | $104,708.81 | 0.18% |
| 2 | Ethereum ETH | $2,523.46 | 0.32% |
| 3 | Tether USDT | $1.00 | 0.01% |
| 4 | XRP XRP | $2.17 | 0.47% |
| See all 101 rows on coinmarketcap.com | |||
Disclaimer: Cryptocurrency investments are highly speculative and come with significant risks. Always conduct thorough research before investing. Past performance is not indicative of future results.