Crypto Market Update August 7: Cardano Leads Gains, XRP Extends Losses as Weekly ETF Inflows Near $1B
Highlights
- The crypto market is moving sideways today as Bitcoin and Ethereum sustain gains while most altcoins trade in the red.
- Cardano is the top gainer today after rising by nearly 7% in 24 hours.
- XRP has failed to mirror ADA's gains as it drops to $1.03 as CLARITY Act uncertainty weighs on price.
- Crypto ETFs are approaching $1 billion in inflows this week alone signalling a surge in instutitional demand.
The crypto market is showing a mixed outlook today, August 7, as some coins gain while others post losses. Cardano (ADA) stands out as the biggest gainer, while Ripple (XRP) is the biggest loser among the top ten largest cryptos by market cap. Meanwhile, crypto ETFs are nearing $1 billion in weekly inflows.
Crypto Market Outlook Today
Bitcoin (BTC) and Ethereum (ETH) are up by 0.47% and 0.61%, respectively, today, August 7. BTC and ETH are also approaching resistance at $65,000 and $2,000.
Hyperliquid (HYPE) is up by 2.36%, making it the biggest gainer among the top ten largest cryptos by market, while XRP is the biggest loser in this cohort after the price dropped by 1.12% to $1.03 at the time of writing.
Beyond this top ten list, Cardano (ADA) is standing out after the price gained by 7.14% today, August 7, to trade at $0.20 at the time of writing. ADA’s gains come despite a decline in Cardano’s DeFi TVL to the lowest level since 2023.
Bitcoin and Ethereum are gaining because of rising demand for BTC and ETH ETFs. Data from SoSoValue shows that Bitcoin ETFs have seen $784 million in inflows this week alone, while Ethereum ETFs have seen $195 million in inflows.
The total inflows to crypto ETFs between August 3 and August 7 have reached $984 million, with the demand coming because of easing geopolitical tensions.
Meanwhile, XRP is dropping because of the move by US Senators to push voting for the CLARITY Act bill until September, when they will be back from the summer recess.
Polymarket now shows that there is only a 14% chance that the CLARITY Act bill will pass in 2026, with the falling odds weighing on US-made coins like XRP as well as crypto stocks listed in the US.
Crypto Market Data Today
- Total Crypto Market Cap: $2.21 trillion (+0.54%)
- 24-Hour Trading Volumes: $50.6 billion
- Bitcoin: $64,922 (+0.47%)
- Ethereum: $1.913 (+0.61)
- XRP: $1.03 (-1.12%)
- Bitcoin Dominance: 59%
- Ethereum Dominance: 10.5%
- Altcoin Season Index: 36/100
- Fear and Greed Index: 29 (Fear)
Crypto Derivatives Market Outlook Today
Data from CoinGlass shows that the open interest across the crypto market is up 0.94% today, August 7, to $116 billion. Bitcoin and Ethereum dominate this OI reading with $49 billion and $26 billion in open interest, respectively.
The liquidations across the crypto market today have also topped $180 million, with this being a 29% drop compared to August 6. The biggest liquidation occurred on Hyperliquid where a BTC-USD position worth $1.66 million was closed.
Cardano is also standing out in the crypto derivatives market today after futures volumes rose by 121% to $1.13 billion. ADA was the 17th most traded crypto in the derivatives market at the time of writing.
But the total futures volumes traded across the crypto market have dropped from $179 billion on August 6 to $152 billion at the time of writing.
Cardano Outlook as Price Breaks 100-day SMA Resistance
The price of Cardano has moved above resistance at the 100-day SMA of $0.196. ADA closed above this resistance on August 6, but it needs to make two more straight daily closes above it to confirm that the long-term Cardano price forecast is bullish.
If ADA closes above $0.196, the price could move to the 150-day SMA of $0.21. The RSI reading of 70 suggests that the momentum is favoring bulls, and the ongoing gains might continue.
Still, this RSI reading is nearing 80, suggesting that buying pressure could ease after buyers in the crypto market become exhausted.
A surge in selling pressure from traders who want to book profits after the recent gains could push the price of Cardano below the psychological support of $0.20.
XRP Price Forecast as Bearish Trends Persist
The price of XRP has dropped from $1.08 on August 3 to $1.03 on August 7. The volume histogram bars that have been red for three straight days suggest that the drop comes amid a surge in selling pressure.
The ADX line that is rising also suggests that the drop could continue and XRP could move below the psychological support of $1.
The RSI reading of 36 also suggests that the bearish trend is gaining strength, and this could extend the downtrend to the 123.6% Fib level of $0.94 unless buyers come back.
Catch up on what happened in the crypto market yesterday in our Crypto Market Update August 6.
Frequently Asked Questions (FAQs)
1. Why is Cardano price up today?
2. Can Bitcoin and Ethereum sustain gains?
3. Why is XRP price dropping?
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24 Hours volume
$328.28M
Market Cap
$6.14B
Max Supply
45B
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