Key Takeaways

• Bitcoin and Ethereum were CB10’s top gainers last month.
• The rebalancing for August saw only small changes in token allocation percentages with no new additions.
• Dogecoin was the biggest loser of the index as the meme crypto dropped by 18.1% in July.

Crypto Briefing’s crypto market index CB10 has made additional room for Bitcoin and Ethereum during the rebalancing for August.
CB10 Index Records Gains 
Crypto Briefing’s CB10 index jumped in July with the help of the two leading cryptocurrencies.
The CB10 index is an experiment composed of the top ten cryptocurrencies traded on top U.S. exchanges and weighted by market capitalization. The technique is similar to the S&P 500 and NASDAQ 100 index. 
CB10 has gained 17.3% since the last rebalancing event on Jul. 1. Bitcoin and Ethereum’s overall gains during the same period were 19.5% and 22.1% respectively.

Crypto’s Latest Market Trends 
The crypto market showed its first signs of recovery after the recent crash in May, with Bitcoin rising to $40,000. Ethereum benefited from this uptrend as the imminent EIP-1559 update added to the bullish sentiments. 
If Bitcoin consolidates above the $42,000 resistance or Ethereum breaks $3,000, the market can expect the capital to flow towards other cryptocurrencies. 
While the trading volumes are starting to pick up for other cryptocurrencies, the flow to smaller market capitalization tokens is restricted as BTC is yet to re-establish a strong bullish narrative. Traders are showing reluctance in the bullish stance. They fear that the recent push to $40,000 could be a dead-cat bounce or bullish correction in a long-term negative trend, suggesting that the bottom could be below $29,000.

CB10 Rebalances for August
The reconstitution of Crypto Briefing’s experimental $1,000 portfolio in CB10 was carried out at 10 am on Jul. 2, 2021.
Its composition for August saw no change in the cryptocurrencies from July’s top ten list. However, there were minor percentage changes and consequent ranking adjustments. 
Bitcoin and Ethereum ate the most from other tokens’ shares, adding 1.92% to their allocations. Ethereum, once again, constitutes more than one-fourth of the index’s distribution. 
The change in almost all other cryptocurrencies was negative, nonetheless, with a small magnitude of less than 1%. Furthermore, Uniswap changed positions with Bitcoin Cash to take the sixth spot, as Chainlink replaced Solana at number nine with small percentage changes.