Crypto Markets Defy Stronger Dollar, Maintain Upward Trend

Crypto markets have shrugged off a stronger US dollar, maintaining an upward trend despite losing 0.8% of their market capitalization over the past 24 hours to $2.23 trillion.

The loss of correlation with traditional financial markets has worked in favor of cryptocurrencies after a prolonged period of underperformance. Among top coins, leaders in growth were BTC (+2.6%), ETH (+2.3%), and XRP (+1.7%). Those that lost ground more than others included SOL (-4%), ADA (-3.3%), and DOT (-3.2%).

BTC's price action has been characterized as being in an uptrend rather than a well-defined ascending channel, with seven consecutive higher lows since the start of July but yet to develop consistent higher highs.

The current BTC price is supported primarily by traders rather than inflows of new capital. Demand for Bitcoin among long-term investors and institutional investors has fallen rapidly according to CryptoQuant, while speculative activity in futures markets remains positive but below previous levels.