Crypto Market Daily Highlights – ETH Bucks Trend in Bullish Session

Key Insights:

• On Tuesday, the crypto top ten were on the move again, with Cardano (ADA) taking over as the front runner.
• A choppy start to the session saw the crypto market hit reverse before recovering, with the NASDAQ 100 delivering a US session boost.
• The total crypto market cap followed Monday’s $82.59 billion jump with a $46 billion increase to cement the return to $1 trillion.

It was a bullish Tuesday session for the crypto top ten. Bitcoin (BTC) hit $23,000, briefly eyeing $24,000, with Cardano (ADA) enjoying a breakout session.

Recovering from a bearish start to the Tuesday session, risk-on sentiment from the global equity markets delivered much-needed support.

The European and US equity markets were in rally mode, delivering the crypto boost.

On Tuesday, the NASDAQ 100 rallied by 3.11%, with the futures pointing to more gains in the day ahead.

At the time of writing, the NASDAQ 100 Mini was up 32 points.

While the European and US equity markets provided support, investor sentiment towards the Ethereum Merge and the Cardano (ADA) Vasil hard fork remained the key drivers.

Following several delays, the Vasil hard fork and the Merge look set for July and September, shifting the mood across the crypto market.

The Total Crypto Market Cap Continued the Gradual Climb to $2 Trillion

A choppy Tuesday session saw the total crypto market cap fall to a low of $981 billion before rising to a high of $1,050 billion.

Finding initial support from the European and US equity markets, Ethereum Merge euphoria continued to drive the market northwards in the post-US market close session.

On Tuesday, the total crypto market cap followed Monday’s $82.59 billion surge with a $46 billion increase to wrap up the day at $1 trillion for a second consecutive day.

Notable moves across the crypto top ten were a bitcoin return to $23,000 and an Ethereum look at $1,700. Despite the Merge euphoria, ETH ended the day in the red.

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

ADA rallied by 5.31% to lead the top ten, with BTC (+4.25%) and SOL (+3.07%) finding strong support.

While BNB (+1.70%), DOGE (+2.10%), and XRP (+2.14%) avoided the red, ETH (-2.45%) succumbed to late profit taking to end the day in the red.

From the CoinMarketCap top 100, Nexo (NEXO) led the way, surging by 21.88%. Fantom (FTM) and NEM (XEM) were close behind, with gains of 14.97% and 15.53%, respectively.

However, Arweave (AR) struggled, with a 6.12% loss. UNUS SED LEO (LEO), STEPN (GMT), TerraClassicUSD (USTC), and Polygon (MATIC) also saw red.

Total Crypto Liquidations Fall to Reflect Improved Market Conditions

On Wednesday, 24-hour liquidations eased, pointing to more favorable market conditions. Despite the fall in liquidations, 24-hour liquidations remained elevated relative to more recent levels.

This morning, 24-hour liquidations stood at $582 million, down from $691 million on Tuesday.

Liquidated traders also eased over the last 24 hours, suggesting improving market conditions. At the time of writing, liquidated traders stood at 104,735 versus 128,281 on Tuesday morning.

While 24-hour liquidation levels stood on the higher side, one-hour and four-hour liquidations saw a sharp decline relative to Tuesday morning levels.

According to Coinglass, one-hour liquidations stood at $2.84 million, down from $161.66 million on Tuesday. Four-hour liquidations stood at $45.66 million.

Daily News Highlights

• Beleaguered crypto platform Celsius received court approval to spend $3.7 million on a new bitcoin mining facility and $1.5 million on customs and excise duties on rigs.
• Stablecoin issuer Circle talked about crypto regulations.
• FBI issued a warning over bogus crypto apps.
• Crypto.com and Trade Republic announced regulatory approvals in Italy.