The global crypto market is making waves this Friday morning, defying the typical summer lull. While Bitcoin currently faces resistance at the $117,000 mark, the broader market is showing remarkable strength—driven by aggressive gains from top altcoins.
The total crypto market capitalization now stands at $3.87 trillion, a rise of approximately 3% compared to the previous day. Meanwhile, Bitcoin dominance has slipped to 60%, down from 65% at the end of June—a clear signal that capital is rotating into the altcoin segment.
At the time of writing, Bitcoin is trading near $116,600, up nearly 2% in the last 24 hours. However, spot ETFs from BlackRock and similar institutions have acted as a drag on BTC's performance, with August already seeing net outflows of $963 million.
Ethereum and XRP Outperform: Altseason on the Horizon?
The biggest winner among large-cap coins is Ethereum (ETH), currently priced at $3,910—up 6% day-on-day. Demand pressure has intensified, fueled by new ETH-treasury initiatives from companies like SharpLink. Tom Lee, chairman of global Ethereum strategy powerhouse BitMine, is bullish: "There is a real probability that Ethereum could flip Bitcoin." For that to happen, ETH would need to surge to almost $20,000.
Even more impressive is XRP, which is up 12% in 24 hours and trading at $3.33. The Ripple token is surging on the news of a final resolution in its multi-year SEC lawsuit—a major overhang removed from its price action. Hopes are mounting for imminent approval of XRP Spot ETFs in the US. According to Polymarket, odds for SEC approval of Ripple index funds by end-2025 have climbed to 88%. Meanwhile, Japan could soon see a pioneering Bitcoin/XRP ETF hit the market.
Market Sentiment: Greed Returns as Fear Fades
These explosive price moves have pushed the Crypto Fear & Greed Index back into "Greed" territory, with a current reading of 74. After some cooling in recent trading days, investor sentiment is turning decisively bullish once again.