Altcoins Jump by Double Digits — Why Did the Crypto Market Rise Today (8/8/25)?

Jakarta, Pintu News – In the past 24 hours, the cryptocurrency market recorded huge gains with the total market capitalization increasing by around IDR 1,697 trillion ($104 billion). Bitcoin (BTC) rallied again to break IDR 1.89 billion ($116,580), while PENDLE was the best performing altcoin, skyrocketing 27% to reach its highest level in eight months.

Check out the full information below!

Market Sentiment Turns Positive

The overall market capitalization of crypto now stands at around IDR 62,115 trillion ($3.81 trillion) after breaking through and turning the key IDR 60,867 trillion ($3.73 trillion) level into a new support zone. This surge marks a shift in investor sentiment from apprehension to optimism, as prices have risen for two consecutive trading sessions.

The price movement has also broken the 20-day exponential moving average (EMA), which now acts as a dynamic support in the area of IDR 60,867 trillion ($3.73 trillion). Should the buying pressure persist, the next target is around IDR 63,176 trillion ($3.87 trillion).

However, if the buying flow weakens, the market could potentially test the support level of IDR60,867 trillion again. Failure to defend this area could open the door for a deeper drop to IDR58,229 trillion ($3.57 trillion).

Read also: Ethereum Flies 64% in 3 Months, Unseats Bitcoin Thanks to Institutional Fund Invasion

Fundamental Factors Supporting the Rally

A number of positive news stories helped fuel market participants’ optimism. Ripple Labs and the United States Securities and Exchange Commission (SEC) ended their long legal dispute after both sides withdrew appeals at the Second Circuit Court of Appeals.

In addition, President Donald Trump signed two executive orders that encourage the adoption of digital assets. The first prohibits debanking practices, while the second allows crypto assets to be included in pension portfolios. This move is considered to open up opportunities for greater institutional investment.

Also read: xStocks Records $2 Billion Cumulative Trading Volume, TSLAx Leads Stock Tokenization Market?

Bitcoin Strengthens with Surge in Trading Volume

The price of Bitcoin saw an increase of about 2% on the day, bringing its value back above Rp1.88 billion ($115,000) and now hovers around Rp1.89 billion ($116,580). Trading volume also increased by 20% to around Rp1,093 trillion ($67 billion), signaling the price increase was supported by solid market participation.

If this trend continues, BTC could potentially test the Rp1.94 billion ($118,922) level in the near future. However, if selling pressure returns, the Rp1.88 billion ($115,764) area will be the nearest support test point.

Also read: Gold Jewelry Price Today, Friday August 8, 2025

PENDLE Leads Altcoin Rise

PENDLE recorded a 27% price surge in the last 24 hours and is now trading at around IDR83,307 ($5.11). Based on the Relative Strength Index (RSI) indicator at 66.97, there is still room for improvement before entering the overbought zone (above 70).

If the buying flow remains strong, the next target for PENDLE is at IDR95,915 ($5.88). However, traders should anticipate a potential price correction if the RSI starts moving into overbought territory.

Conclusion

The increase in crypto market capitalization by IDR1,697 trillion in a short period of time is a strong signal that investors are again showing high interest in digital assets. Support from fundamental factors such as Ripple’s legal developments, the US government’s pro-crypto policies, and a surge in BTC’s trading volume reinforced this trend. Meanwhile, PENDLE managed to steal the show with a significant price increase, signaling that altcoins also have great opportunities in bullish market conditions.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• BeInCrypto. Why is the Crypto Market Up Today?. Accessed August 8, 2025.
• Featured Image: Generated by Ai