The BTC price remains stable at around 29,426 USD on Monday.
From a technical perspective, the BTC price continues to trade within the same sideways channel observed two weeks ago. The risk of retesting the local minimum near 28,585 USD persists. Support lies at 28,600 USD, while resistance is at 30,300 USD.
Due to reduced correlation with the US stock market, the cryptocurrency market initially failed to benefit from the growth momentum and is now observing the overall market sell-off from the sidelines.
The cryptocurrency market capitalisation maintains its position at 1.180 trillion USD. BTC's share has risen to 48.7%, and the share of ETH stands at 18.9%.
AKT shows a noticeable gain
The value of the AKT (Akash Network) token surged by 30% last weekend. This was a continuation of a rally where the token's price increased by 123% within a few days. Its market capitalisation now stands at 147.03 million USD, with the daily trading volume reaching 7.04 million USD. The price of AKT has yet to reach its historical peak – it remains 87% lower – but at this pace, it could approach this level very swiftly.
Base: critical news
On 10 August, the developers of the Coinbase trading platform launched the Base network for consumers. It is expected to serve as the foundation for all products of the cryptocurrency exchange. The number of transactions per second on Base stands at 7.8, exceeding that on Optimism (5.7) and Arbitrum One (4.8). Base is known to be an open-source network, meaning all developers planning to launch decentralised applications can utilise its capabilities.