2 metrics indicate the $1.1T market cap resistance will hold

Although a handful of the top 80 coins have gained 12% or more in the past week, Tether's premium in Asia and futures market activity show buyers lack confidence.

Market analysis

Cryptocurrencies failed to break the $1.1 trillion market cap resistance that has held for the past 54 days. Both major coins held back the market as Bitcoin (BTC) lost 2.5% and Ether (ETH) fell 1% over the past seven days, but a handful of altcoins showed a strong rally. /p>

Global crypto market capitalization decreased by 1% to $1.070 billion between July 29 and August 5. The market was negatively impacted by reports on August 4 that the US Securities and Exchange Commission (SEC) is investigating every US cryptocurrency exchange after the regulator accused a former Coinbase employee of insider trading .

Total crypto market capitalization, in billions of dollars. Source: TradingView

While the two major cryptoassets were unable to print weekly gains, traders' appetite for altcoins was unaffected . Investors have been positively impacted by Coinbase's exchange partnership with BlackRock, the world's largest financial asset manager, responsible for $10 trillion in investments.

Coinbase Prime, the service offered to BlackRoc...