Crypto Market Daily Highlights – ADA and ETH Buck the Top Ten Trend

Key Insights:

• It is a mixed Tuesday session for the crypto top ten, with Cardano (ADA) and Ethereum (ETH) finding support to buck the top ten trend.
• Sentiment towards the Merge and the Vasil hard fork delivered support, while US economic indicators sent the broader crypto market into negative territory.
• The total crypto market cap is down $8.2 billion to $955 billion, with two hours of the session remaining.

It is a mixed Tuesday session for the crypto top ten. Bitcoin (BTC) hit a high of $20,589 before succumbing to broader market forces. However, ETH and ADA buck the top ten trend, supported by investor sentiment towards the Merge and the Vasil hard fork.

While network updates delivered support, US economic indicators weighed on the broader crypto market. Ahead of Tuesday’s stats, the total crypto market cap had hit a high of $981.4 billion before sliding to a post-stat low of $927.9 billion.

The US economic indicators supported Fed Chair Powell’s monetary policy stance, with consumer confidence and labor market numbers beating forecasts. A robust job market and the uptrend in consumer confidence give the Fed the wriggle room to tighten the policy screw.

The stats also weighed on the NASDAQ 100, which ended the day with a 1.12% loss.

Crypto Market Cap Hits Reverse as Investors Respond to Positive Stats

On Tuesday, the total crypto market cap rose to a high of $981.4 billion before hitting reverse. Responding to the US economic indicators, the market cap fell to a low of $927.9 billion. Despite the sell-off, the total crypto market cap avoided Monday’s new August low of $917.11 billion.

With two hours remaining of the Tuesday session, the market cap is down $8.2 billion to $954.6 billion. The Tuesday pullback leaves the total crypto market cap down $110 billion for August.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It is a mixed Monday session for the crypto top ten.

ETH and ADA buck the top ten trend, with gains of 0.24% and 0.89%, respectively.

However, DOGE (-3.08%) and SOL (-2.24%) lead the way down, with BNB (-0.87%), BTC (-1.59%), and XRP (-1.31%) also seeing red.

From the CoinMarketCap top 100, it is a mixed session.

Nexo (NEXO) leads the way, gaining 6.14%, with Near Protocol (NEAR) and Flow (FLOW) rising by 4.47% and 4.25%, respectively.

However, Synthetix (SNX) leads the way down, sliding by 12.87%, with Helium (HNT) and Chiliz (CHZ) seeing losses of 10.17% and 8.79%, respectively.

Crypto Liquidations Rise in Response to the Impact of US Stats

Over 24 hours, total liquidations increased in response to the bearish market reaction to Tuesday’s US economic indicators.

At the time of writing, 24-hour liquidations stood at $239.14 million, up from $177.00 million on Tuesday morning.

Liquidated traders held steady over the last 24 hours. At the time of writing, liquidated traders stood at 60,258 versus 60,062 on Tuesday morning. Liquidations over 12 hours, four hours, and one hour are also higher.

According to Coinglass, 12-hour liquidations stood at $167.66 million, up from $92.10 million on Tuesday morning. 4-hour liquidations climbed from $8.59 million to $37.78 million, with one-hour liquidations up from $0.709 million to $1.72 million.

While higher, compared with Tuesday morning, the four-hour and one-hour figures suggest improving market conditions late in the Tuesday session. The chart below shows market conditions throughout the session.