Crypto Market Update August 4: Cardano and HYPE Lead Altcoin Gains as BTC Defies $100M Coldcard Hack

The crypto market is up today, August 4, with the total market cap rising by 0.97% to $2.17 trillion at the time of writing. Cardano (ADA) and Hyperliquid (HYPE) are leading the gains among altcoins, while Bitcoin (BTC) is up by 1.86% to trade at $63,698 at the time of writing.

Crypto Market Defies Bearish Outlook from Coldcard Hack

The coldcard hardware wallet suffered an exploit that has affected 4,500 addresses, with the attackers stealing more than $100 million worth of Bitcoin, per Grayscale analyst Alex Thorn. Despite this hack, all of the top ten largest cryptos are trading in the green today.

Past hacks in the crypto market usually end with the attackers sending the stolen coins to exchanges where they dump them and cause the price of the affected coins to drop.

The same thing could occur with Bitcoin, but this has not affected the sentiment towards BTC as the price gains by 1.86% today. Institutional demand for BTC ETFs also remains high, with data from SoSoValue showing that the ETFs had $170 million in inflows on August 3.

Data from CoinMarketCap also shows that Bitcoin’s trading volumes are up by 43% today, August 4, as buying pressure rises on optimism across the crypto market that the de-escalating US-Iran tensions will push prices higher.

BTC Technical Outlook as Bulls Eye $68K if Key Support Holds

The price of Bitcoin is defending support at the 50-day SMA of $63,311. If Bitcoin closes above this price, it could reach the 100-day SMA of $68,500.

The MACD line that is negative suggests that despite BTC gaining by 1.86% today, the long-term Bitcoin price forecast is still favoring bears.

If Bitcoin price closes below the support at the 50-day SMA of $63,311, selling pressure could increase and push it to the psychological support of $60,000.

However, if the buying pressure continues to increase like it is doing now an bulls tighten their grip, Bitcoin could close above the obstacle at $63,311 and reach $68,500.

Cardano Price Leads Crypto Market Gains Today

Cardano is among the biggest gainers in the crypto market today. ADA is up by 4.43% to trade at $0.19 at the time of writing. ADA’s trading volumes were also up by 33% to $729 million, per data from CoinMarketCap.

Data from Santiment notes that Cardano is standing out in the “disappointing and choppy altcoin market” because stronger buyers have been buying ADA after the price moved to an all-time low of $0.138 on June 25.

Still, Santiment notes that some people who sold when the price of Cardano was dropping in June are not returning yet because the number of holders has dropped by 7,070.

But the upcoming Leios upgrade is boosting the sentiment towards Cardano, with Santiment saying that this upgrade could support a strong gain for ADA price even if early holders remain hesitant.

HYPE Price Rises on Buying Pressure

HYPE price is up by 4.63% today, August 4, to trade at $55 at the time of writing, with these gains also making it a top gainer in the crypto market. The volume histogram bars that are green for three straight days suggest that the gains come from an increase in buying pressure.

The four-hour chart also shows that Hyperliquid has created a rounded bottom pattern that suggests that the price is about to undergo a big reversal from a downtrend to an uptrend. But HYPE needs to close above $55.88 to confirm this pattern.

If HYPE closes above $55.88 for three straight days, the price could gain by 9% and reach $61. The RSI reading of 61 suggests that the momentum is favoring bulls, and this could push HYPE to $61 as the crypto market recovers.

Still, institutional demand towards HYPE remains low because there have been no inflows to HYPE ETFs since July 15. In fact, these ETFs have seen four straight weeks of outflows per data from SoSoValue.

If HYPE price does not move above the obstacle at $55, it could drop to the August 2 low of $51.

Catch up on yesterday’s biggest moves with our Crypto Market Update August 3.