Bitcoin hovered around $79,000 on Wednesday as investors took profits following its sharp weekly advance. Most leading cryptocurrencies declined over the past 24 hours, while HYPE was the only major token to move higher.
BTC slipped nearly 1% during Asian morning trading but remained about 23% higher over the week. XRP fell more than 4% to slightly above $1.44, yet continued to lead the major tokens with a weekly gain approaching 45%.
Zcash dropped nearly 6% to just above $783. Despite the daily decline, ZEC remained up roughly 55% over seven days, making it the strongest weekly performer in the group. The privacy-focused token has been supported by the debut of a dedicated spot ETF in the U.S.
Dogecoin declined almost 5% to below $0.09, while Solana fell more than 3% to under $97. Tron was also down nearly 3%, trading close to $0.34.
BNB lost almost 2% to just above $695, while ether declined more than 1% to below $2,465. Their weekly gains remained strong at roughly 16% for BNB and 29% for ETH.
Hyperliquid’s HYPE token moved against the broader trend, climbing nearly 3% to above $81. HYPE remained up close to 40% for the week.
Crypto Market Momentum Remains Strong
Several underlying indicators continued to point to improving market conditions. CryptoQuant’s Bull Score, which combines 10 market and onchain signals, rose from 30 to 80 over the past week.
The latest reading is the highest since Oct. 6, 2025, when Bitcoin was trading near $124,000. Eight of the 10 indicators included in the score are now showing bullish conditions.
CryptoQuant also reported that apparent spot demand is increasing at its fastest monthly rate since late December. The firm said spot and futures demand are rising together for the first time since early October 2025.
Investors Await U.S. Economic Releases
Asian stocks gained while cryptocurrencies pulled back. MSCI’s Asia Pacific index advanced 1%, supported by Samsung Electronics and SK Hynix, putting the benchmark on course for four gains in five sessions. Falling crude prices also helped reduce inflation concerns.
U.S. stocks showed signs of improvement as Nvidia ended a seven-session losing streak ahead of its earnings announcement Wednesday. U.S. equity futures also recovered from earlier declines.
The next major catalysts include second-quarter GDP data due Wednesday and July PCE inflation figures. Investors will also closely watch Federal Reserve Chair Kevin Warsh’s first Jackson Hole speech on Friday.
Current market pricing indicates about a 60% chance that the Fed will leave interest rates unchanged at 3.50%-3.75% during its September meeting.
