Crypto wrap Aug 8: ETH hits $4k as XRP, XLM and LINK among top performers

The crypto market is seeing an upbeat flip on Friday, August 8, 2025, with the market cap at $3.86 trillion and $178 billion in 24-hour trading volume, up 23%.

Ethereum (ETH) led the rally, breaking past $4,000, while XRP, Stellar (XLM), and Chainlink (LINK) posted double-digit gains.

The market's bullish momentum is largely fueled by key regulatory and policy developments, notably President Donald Trump’s executive order expected to allow crypto investments in 401(k) retirement plans, adding to the pro-crypto shift in US policy.

Key crypto news this week

The US Securities and Exchange Commission (SEC) clarified that certain liquid staking activities do not qualify as securities, providing regulatory relief for Ethereum staking operations. 

Meanwhile, the U.S. Commodity Futures Trading Commission (CFTC) launched its “Crypto Sprint” initiative to foster innovation and streamline crypto regulations. 

In a landmark move, President Trump signed an executive order permitting Bitcoin, Ethereum, XRP, and other digital assets in 401(k) plans, potentially channeling billions into the market. Analysts predict sustained buying pressure as a result. 

Additionally, Ripple and the SEC officially ended their long-standing legal tussle, boosting market sentiment around XRP.

ETH surges to $4,000 as BitMine, SharpLink buy more

Ethereum surged past $4,000, peaking at $4,012 in the last 24 hours, a significant milestone though still below its October 2021 high of $4,878. The top altcoin traded around $3,960 at the time of writing.

The rally was bolstered by corporate buying, with BitMine Immersion Technologies, led by Fundstrat’s Tom Lee, holding 833,000 ETH valued at roughly $2.9 billion.

SharpLink Gaming (SBET) also expanded its Ethereum treasury, owning 521,939 ETH after purchasing 83,561 ETH between July 28 and August 3 for $303 million at an average price of $3,634. 

All of SharpLink’s ETH is currently staked, yielding 929 ETH in rewards, further solidifying Ethereum’s appeal as a treasury asset.

XRP rises amid Ripple news

XRP climbed above $3.30 following the resolution of Ripple’s legal battle with the SEC.

After nearly five years, the SEC and Ripple have ended their legal battle. The case’s closure sparked optimism, with XRP trading to around $3.38 before slightly retreating.

But as crypto analyst Lark Davis notes, holders who held through Ripple’s legal hurdle are significantly up.

XLM and LINK rally double digits

Stellar (XLM) and Chainlink (LINK) surged, with XLM riding the wave of Ripple’s positive news and the broader market bounce. XLM’s gains reflect its link to XRP as a cross-border transactions project.

Meanwhile, LINK jumped as Chainlink announced a new LINK Reserve fund, enhancing its DeFi ecosystem. Both XLM and LINK pumped more than 11% in 24 hours, outpacing many peers.

Pendle top gainer, Conflux dips

Pendle emerged as the top gainer, up 20% in 24 hours as its innovative yield-trading protocol continued to attract investor interest.

Aerodrome Finance and Lido DAO, up 16% and 10% respectively, were also top performers in the past 24 hours in the 100 largest coins by market cap.

Conversely, Conflux lagged, posting losses amid the market rally, as its focus on scalability failed to resonate with traders this week. 

The crypto market’s upward trajectory, fueled by regulatory clarity and Trump’s 401(k) order, underscores a maturing industry poised for further institutional adoption.