The crypto market held steady on Monday, August 4, as investors bought the recent dip and as Bitcoin formed the highly bullish break-and-retest pattern after falling to support at $112,000.
Bitcoin (BTC) price jumped to $114,300, up from the weekend low of $112,000. This rebound triggered gains among some altcoins, with MYX Finance (MYX), Treasure (MAGIC), and Stellar (XLM) being some of the top crypto gainers today.
MYX Finance token rises ahead of V2 launch
MYX was the top gainer in crypto today as it jumped by 131%, pushing its market cap to over $36 million. It soared to $0.2945, its highest level since March 16.
The main reason MYX price jumped is that its perpetual trading platform is performing well. Data shows that its volume reached over $9.07 billion in the last 30 days and $285 million in the last 24 hours. Its monthly volume surged to a record high in July.
The MYX token also rose as traders anticipate the V2 launch, which will redefine on-chain trading. While details of the V2 launch have not been released, potential upgrades include a matching pool mechanism, zero slippage, and chain abstraction.
Treasure price jumps as exchange balances drop
Treasure was another top crypto gainer today, jumping by 15% to its highest point since April 30. MAGIC has climbed 235% from its lowest point this year.
The Treasure token rose as on-chain data showed that supply on exchanges dropped to 164 million, down from 193 million in July. Falling exchange balances are a sign that investors are not selling but moving their tokens off exchanges.
Stellar jumps as the falling wedge activates, and stablecoin supply jumps
Stellar Lumens token jumped to $0.4100 on Monday, up 15% from its lowest level during the weekend. The rally occurred as stablecoin supply in its ecosystem climbed to over $652 million for the first time ever and the total value locked in its DeFi network rose to over $142 million.
XLM price surged after completing a falling wedge pattern. This pattern forms when two descending and converging trendlines signal a potential bullish breakout as the lines near convergence.
The falling wedge followed a prior XLM price surge, indicating it may be part of a bullish pennant pattern. Therefore, a bullish breakout could see it retest last month’s high of $0.5183.
Other top crypto gainers today
Some of the other top crypto gainers today were Spark, which jumped by 35%, MemeCore, MMX, and Momofun. On the other hand, the top laggards were Toncoin, Uranus, and Ani Grok Companion.
