Bitcoin News Today: Bitcoin Holds Above $119,000 Amid 0.36% Dip as Altcoins Surge Up to 8.71%

The cryptocurrency market showed signs of resilience on August 12, with Bitcoin maintaining its position above $119,000, despite a minor 0.36% decline from the previous day. The price remained consolidated after a modest pullback from intraday highs, signaling that traders were closely watching for signs of liquidity and potential breakouts [1]. The token traded at $119,749, with a market capitalization of $2.38 trillion and a 24-hour trading volume of $72.59 billion, reflecting a 16% drop in activity compared to the previous day [1].

While Bitcoin’s movement remained relatively contained, altcoins outperformed the leading cryptocurrency. Chainlink (LINK) led the top gainers, surging by 8.71% in 24 hours. The token opened at an intraday low of $21.5 before climbing to $23.73 as trading activity increased by 26%. LINK’s 24-hour volume reached $1.72 billion, pushing its market valuation to $16.09 billion [1]. Ethereum (ETH) also saw a modest 3% increase, reaching $4,444, with a 14% rise in trading activity. The token’s 24-hour volume hit $49.23 billion, and its market cap stood at $536.59 billion [1].

Among the trending cryptos of the day were CreatorBid (BID), Cyber (CRYBER), Fartcoin (FARTCOIN), World3 (WAI), Open Campus (EDU), and Lagrange (LA), all of which drew attention from traders and investors [1]. These tokens reflected the broader market’s appetite for smaller-cap assets as the sector shifted in favor of altcoins.

The overall crypto market increased by 2.94%, with a total market cap of $4.01 trillion. Despite the positive momentum, trading activity declined by 2% in the past hours, with a daily trading volume of $193 billion [1]. Coinglass data revealed that 127,627 traders had been liquidated in the last 24 hours, amounting to $407.45 million in losses. Of that total, $252 million was from long positions and $154.69 million from short positions [1].

Bitcoin’s price behavior suggested that the market was in anticipation of U.S. inflation data, a critical factor influencing macroeconomic conditions and investor sentiment. Analysts highlighted the $119,000 support level as a key threshold, with a potential breakout signaling further gains toward $135,000 [6]. Meanwhile, subdued trading volume indicated that market participants were preparing for possible volatility, as liquidity levels were being closely monitored [1].

The absence of significant regulatory news from major jurisdictions also contributed to a stable market environment, with attention focused on macroeconomic developments rather than geopolitical factors [4]. Institutional inflows into altcoins were noted as a positive sign, boosting technical indicators and market sentiment [3]. As the market awaited external stimuli, particularly the release of U.S. inflation figures, price movements remained within a tight range [5].

Source:

[1] https://coinmarketcap.com/community/articles/689b6e56386cc96cad50f34e/

[2] https://news.abplive.com/business/crypto/crypto-price-today-august-12-check-global-market-cap-bitcoin-btc-ethereum-doge-pump-fartcoin-live-tv-1794203

[3] https://www.msn.com/en-in/money/markets/bitcoin-holds-above-114500-experts-see-breakout-potential-amid-rising-inflows/ar-AA1K45ny

[4] https://cryptoadventure.com/bitcoin-pulls-back-to-119k-as-looming-inflation-data-could-bring-price-swings/

[5] https://www.fxempire.com/forecasts/article/crypto-rally-stalls-as-market-awaits-key-us-inflation-data-1540681

[6] https://crypto.news/bitcoin-eyes-135k-as-daily-structure-holds-strong-above-119k-support/