The crypto market is up today after a couple of days of decreases. Some 90 of the top 100 coins have turned green over the past 24 hours. Overall, the cryptocurrency market capitalization has increased by 1.9%, now standing at $3.94 trillion, moving back closer to the $4 trillion mark. At the same time, the total crypto trading volume is at $153 billion.
Crypto Winners & Losers
At the time of writing, all top 10 coins per market capitalization have decreased over the past 24 hours.
Bitcoin (BTC) rose by 1.1%, now trading at $111,081. This is the smallest increase in the category.
At the same time, Ethereum (ETH) is up by 3.8%, now trading at $4,589.
The biggest rise was recorded by Solana (SOL), climbing 7.5% to the price of $202. It’s followed by Dogecoin (DOGE), with a rise to 4.7% to $0.22.
As for the top 100 coins, Cronos (CRO) recorded the highest increase for the second day in a row. It’s up 37.6%, now changing hands at $0.2207.
Hyperliquid (HYPE) is next, having appreciated 11.9% to $50.22.
On the other hand, XDC Network (XDC) dropped the most: 1.7%, now changing hands at $0.07867.
Two more coins are down above 1%, while the rest of the red coins are below that percentage.
Meanwhile, Standard Chartered’s global head of digital assets research, Geoffrey Kendrick, argued that Ethereum and related corporate treasuries remain undervalued and “cheap” at current levels, despite recent inflows. He noted the recent two-day sell-off as “a great entry point” for investors.
Kendrick said ETH could hit $7,500 by year-end, and that treasury firms could eventually hold 10% of circulating ETH.
Also, XRP futures on CME Group crossed the $1 billion open interest milestone just three months after launch. This signals growing institutional appetite for regulated exposure to digital assets.
‘BTC at $120,000 Could Be a Realistic Near-Term Target’
According to James Toledano, Chief Operating Officer at Unity Wallet, Bitcoin futures activity is at record levels, showing that traders are still engaged even after the price dip and whale-driven selling.
“That said, the market remains cautious, with options signaling some nerves. If Bitcoin holds above $110,000, I think momentum could build again, especially as attention shifts to the Fed’s September decision. Another factor that will add fuel to a potential rally is renewed ETF inflows, this would make getting back up to $120,000 a realistic near-term target.” Indeed, ETFs are back in green.
European crypto exchange zondacrypto’s CEO Przemysław Kral commented that Bitcoin latest decrease was a healthy correction after major gains. The market has had to move through “a period of cooling off and consolidation before the next upwards trend.”
“Market volatility and price fluctuations are commonplace and expected. It is another sign of reflection in the market and of a maturing but still dynamic asset,” Kral added. “Retail and institutional investors alike will be closely watching the market and weighing up their options.”
Also, Bitunix analysts argued that in crypto markets, “short-term safe-haven demand provides some support,” but that “investors should remain alert to cross-asset volatility triggered by a sharp oil spike.” Investors should keep an eye on this week’s US PCE and labor market data, the geopolitical tensions in Venezuela, oil prices, and the intensity of US sanctions.
Levels & Events to Watch Next
At the time of writing on Wednesday morning, BTC trades at $111,081. The coin saw a sharp jump from the intraday high of $109,526 to $112,279.
It’s now moving to the $115,000 level. Should it not turn red again, it may attempt to reclaim the intraweek high of $117,016. The support zone now stands at $108,695–$110,000, while a break above $116,800 could lead to $120,900-$124,000.
BTC is currently 10.6% away from its all-time high of $124,128, seen 13 days ago.
Bitcoin Price Chart. Source: TradingViewEthereum is currently trading at $4,589. It saw a relatively gradual decrease from $4,399 to the day’s highest point of $4,638.
While BTC is red in the week and month timeframes, ETH has seen increases of 9% and 16% in these periods, respectively.
While the coin may continue another rally towards $4,700 and subsequently $5,000, a reversal would see it back to the $4,300 level or below.
Furthermore, the crypto market sentiment saw an increase today as the prices rose. The crypto fear and greed index rose from 43 yesterday to 47 today.
While the caution and fear remain, there was also an increase in bullish sentiment over the past day.
Source: CoinMarketCapMeanwhile, as of 26 August, the US BTC spot exchange-traded funds (ETFs) saw another day of positive flows of $88.2 million.
Six funds saw flows, and all of them inflows. BlackRock is back at the top with $45.34 million, followed by Fidelity’s $14.25 million.
Moreover, the US ETH ETFs also saw more inflows on Monday of $455 million, reaching the total net inflow of $13.33 billion.
Four of the nine funds saw inflows. The highest of these is $323.05 million by BlackRock. It’s followed by Fidelity’s $85.52 million.
Meanwhile, a Japanese Bitcoin ETF could debut in 2027. Policymakers may include a request to lift the ban on domestic Bitcoin-based ETFs in their next tax reform requests, a KPMG Japan executive said.
In other news, Google Cloud has developed a Layer-1 platform, the Google Cloud Universal Ledger (GCUL). The system is designed for financial institutions and aims to support tokenized assets, settlements, and Python-based smart contracts.
Quick FAQ
Why did crypto move with stocks today?The crypto market rose over the past day, as did the stock market on its previous day of trading. By the closing time on Tuesday, the S&P 500 was up by 0.41%, the Nasdaq-100 increased by 0.43%, and the Dow Jones Industrial Average rose by 0.3%. On Monday, Donald Trump said he would dismiss a high-ranking US Federal Reserve official, but stock investors’ concerns about his Fed-related decisions have eased off. Now, the investors await the Fed’s measure of inflation, set for release on Friday.
Is this rally sustainable?The continuation of this rally is uncertain. While it may continue, another pullback before a more sustainable leg up is probable.
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