The S&P 500 reached 7,800 for the first time in history on August 13, 2026, setting a fresh record for U.S. equities and reinforcing a broader risk-on backdrop. The milestone attracted attention from crypto traders because digital assets can respond to changes in traditional risk sentiment, although Bitcoin and the S&P 500 do not always move in lockstep.
In crypto markets, Bitcoin remained rangebound near $63,000–$64,000 while total crypto market capitalization hovered around $2.16 trillion. A four-hour chart showed the total market cap below its 50-period exponential moving average near $2.17 trillion, with repeated support around $2.14 trillion–$2.15 trillion and an RSI near 47, consistent with consolidation rather than a clear trend.
Cooling U.S. inflation data failed to trigger a broad crypto rally. July CPI rose about 0.1% month over month and 3.4% year over year, while core CPI eased to roughly 2.5%. The following PPI report showed producer prices unchanged in July and annual PPI slowing to 4.7% from 5.5%. That reduced immediate pressure on the Federal Reserve to raise rates again, but with inflation still above the 2% target, traders saw a pause as more likely than rapid aggressive cuts.
Bitcoin dominance slipped to about 59.06%, below its 50-period EMA near 59.20% and down from recent highs around 59.5%, signaling selective rotation into altcoins even as total market expansion stayed limited. Hyperliquid's HYPE was a standout: analyst Altcoin Sherpa said the token still looks relatively strong in the short term, with $54 acting as key support. HYPE traded near $57.58, holding above that support but still below major resistance around $75.76. The token has formed higher short-term lows since dipping toward the low-$52 area in late July, suggesting selling pressure has eased, though a sustained break below $54 would weaken the structure. Monero (XMR) also outperformed Bitcoin in recent trading.
The next major crypto move will likely require a stronger catalyst, such as a meaningful shift in Fed expectations, fresh ETF flows, a Bitcoin range breakout, or a sharp change in derivatives positioning.