Crypto Market Daily Highlights – DOGE Drops Out of the Crypto Top Ten

Key Insights:

• It is a mixed Friday session for the crypto top ten, with Dogecoin (DOGE) falling out of the top ten and Solana (SOL) leading the way down.
• US labor market stats and geopolitics sent the NASDAQ 100 and the crypto market into the red.
• The total crypto market cap is down $4.2 billion to $958.6 billion.

It is a mixed Friday session for the crypto top ten. Bitcoin (BTC) is on target to end the session at sub-$20,000 for the second time this week. However, SOL leads the way down, while DOT leapfrogged DOGE to return to the top ten by market cap.

US economic indicators provided brief crypto market relief before weighing on investor sentiment.

In August, nonfarm payrolls increased by 315k versus a downwardly revised 526k surge in July. Economists forecasted a 300k rise. Despite the increase in hiring, the unemployment rate increased from 3.5% to 3.7% as the participation rate climbed from 62.1% to 62.4%.

While nonfarm payrolls beat expectations, wage growth disappointed. In August, average hourly earnings increased by 0.3% versus a forecasted 0.4% rise. Average hourly earnings increased by 0.5% in July. Year-over-year, wages were up 5.2%. Economists forecast a 5.3% increase.

The positive market response was short-lived, with US Treasury Secretary and Former Fed Chair Janet Yellen weighing on risk sentiment. The Former Fed Chair reportedly said that inflation remained too high, and the onus sat with the Fed to bring inflation down.

Crypto correlation with the NASDAQ 100 remained firmly in place throughout the Friday session. The NASDAQ 100 coughed up early gains to end the day with a 1.31% loss.

Crypto Market Cap Finds Brief Relief from US Labor Market Stats

On Friday, the total crypto market cap rose to an early afternoon high of $983.4 billion before sliding to a low of $944.4 billion. Weaker than expected US labor market indicators delivered initial support before sentiment chilled.

Concerns over softer labor market conditions and fear that the Fed would remain committed to delivering its interest rate goals weighed. Adding to the downside was news of Russia reversing plans to resume gas supplies to Germany.

The total market cap is down by $4.19 billion on Friday, with two hours of the session remaining. For the current week, the market cap is up $37 billion to $958.6 billion.

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

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

Polkadot (DOT) bucks the top ten trend, rising by 2.65% to retake the number 10 spot.

However, it is a bearish session for the rest of the top ten, with SOL falling by 1.38% to lead the way down.

BNB (-0.40%), BTC (-0.64%), ETH (-0.15%), and XRP (-0.63%) are also in the red while ADA is currently flat.

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

Litecoin (LTC), yearn.finance (YFI), and Synthetix (SNX) are among the front runners. YFI leads the way, rallying by 8.4%, with LTC and SNX up by 7.0% and 4.6%, respectively.

At the other end of the table, Helium (HNT) continued to slide, falling by 6.6%. UNUS SED LEO (LEO) and Flow (FLOW) are also among the worst performers, with losses of 2.3% and 3.9%, respectively.

24-Hour Crypto Liquidations Fall Despite Bearish Sentiment

Over 24 hours, total liquidations have slipped back, supported by improving market conditions late in the Friday session.

At the time of writing, 24-hour liquidations stood at $149.87 million, down from $154.58 million on Friday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 43,947 versus 52,615 on Friday morning. Liquidations over 12 hours and four hours have increased while one-hour liquidations eased back.

According to Coinglass, 12-hour liquidations stood at $122,97 million, up from $105.75 million on Friday morning, with 4-hour liquidations up from $25.37 million to $28.83 million. However, one-hour liquidations are down from $4.59 million to $1.10 million. The chart below shows market conditions throughout the session.