Crypto Market Daily Highlights – ETH and DOT Lead the Top Ten South

Key Insights:

• It is a bearish Saturday session for the crypto top ten, with Polkadot (DOT) and Ethereum (ETH) leading the way down.
• There were no crypto events to influence, leaving investors to consider recent economic indicators and what lies ahead for the Fed.
• The total market cap is currently down by $6.8 billion.

It is a bearish Saturday session for the crypto top ten. In a range-bound session, bitcoin (BTC) could fall short of the $24,000 handle for the sixth consecutive session. Despite the bearish session, Ethereum (ETH) has held onto the $1,700 handle with an hour to go.

While US recessionary fears have eased in response to the US nonfarm payroll figures, Fed policy uncertainty remains. Recent economic indicators, including service sector and labor market numbers, support another hawkish move in September.

While the story can change between now and the next Fed meeting, strong labor market conditions could allow the Fed to hike rates by one percentage point.

On Friday, a bearish end to the week likely reflected a rise in expectations of a more substantial rate hike.

The Total Crypto Market Cap on Target for Another Fall

On Saturday, the total crypto market cap rose to an early high of $1,082 billion before falling to a low of $1,065 billion.

Late in the session, the market cap partially recovered to $1,074 billion, leaving the market cap down $6.8 billion for the session.

Failure to recover the current session losses would mark the seventh decline in eight sessions.

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

It is a bearish Saturday session for the crypto top ten.

DOT and ETH are down 1.88% and 1.30%, respectively, to lead the way down.

ADA (-0.19%), BTC (-0.62%), and XRP (-0.41%) also in the red, while BNB (+0.09%) and SOL (+0.03%) are in positive territory.

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

Quant (QNT) leads the way, rallying by 15.55%, with Filecoin (FIL) and Compound (COMP) up by 11.58% and 8.47%, respectively.

However, Friday’s trailblazers led the way down.

Decred (DCR) was down 20.33%, with Flow (FLOW) and Holo (HOT) seeing losses of 5.79% and 5.39%, respectively.

Total Crypto Liquidations Signal Improving Market Conditions

24-hour liquidations declined before the Sunday session, highlighting the relatively range-bound Saturday session.

At the time of writing, 24-hour liquidations stood at $59 million, down from $176 million on Saturday morning.

Liquidated traders decreased over the last 24 hours. At the time of writing, liquidated traders stood at 24,204 versus 51,953 on Saturday morning.

One-hour and four-hour liquidations saw a marked decline going into Sunday.

According to Coinglass, four-hour liquidations stood at $1.44 million, down from $31.35 million on Saturday morning. One-hour liquidations were down from $0.453 million to $0.328 million (see hourly crypto market cap chart below).