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Crypto Market Daily Highlights – ETH Hits $1,700 in Breakout Session
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It was a bullish Friday session for the crypto market, with US nonfarm payroll numbers for July easing fears of a US economic recession.
In this article:
Key Insights:
- It is a bullish Thursday session for the crypto top ten, with Ethereum (ETH) surging by 8% to lead the way.
- Upbeat US economic indicators delivered a breakout session for the crypto market, the upside coming despite increasing bets of a sizeable September rate hike.
- The total market cap increased by $43.62 billion to take the market cap into positive territory for August.
It was a bullish Friday session for the crypto top ten. While bitcoin (BTC) failed to revisit the $24,000 handle for the fifth consecutive session, Ethereum (ETH) returned to $1,700.
US recessionary fears eased in response to a whopping 528k increase in nonfarm payrolls, taking the US unemployment rate down to 3.5%.
With wage growth holding steady at 5.2%, the numbers did raise the prospects of another hefty Fed rate hike in September.
The NASDAQ 100 gave up early gains as sentiment shifted away from the economic outlook to the Fed.
The Total Crypto Market Cap Bounces Back on US Stats
On Friday, the total crypto market cap fell to an early low of $1,037 billion before jumping to a high of $1,089 billion.
The market cap jumped by $43.62 billion to end the day at $1,081 billion.
A second daily gain from sessions left the crypto market cap up $21 billion for August.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a bullish Friday session for the crypto top ten.
ETH jumped by 8.00% to lead the way, with ADA (+3.40%), BTC (+3.10%), DOGE (+3.82%), and SOL (+4.47%) also found strong support.
However, BNB (+1.35%) and XRP (+1.03%) trailed the front runners.
From the CoinMarketCap top 100, it was a mixed session.
Decred (DCR), Holo (HOT), and Near Protocol (NEAR) were among the front runners. DCR surged by 98%, with HOT and NEAR gaining 22% and 18%, respectively.
Chiliz (CHZ) slipped by 0.47%, however, with UNUS SED LEO (LEO) and Trust Wallet Token (TWT) trailing the broader market.
Total Crypto Liquidations Up in Response to the Bullish Friday Session
24-hour liquidations increased going into the Saturday session, pointing to a possible pullback from the Friday highs.
At the time of writing, 24-hour liquidations stood at $176 million, up from $136 million on Friday morning.
Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 51,953 versus 50,882 on Friday morning.
One-hour and four-hour liquidations signaled testy market conditions.
According to Coinglass, four-hour liquidations stood at $31.35 million, up from $11.61 million on Friday morning. One-hour liquidations were up from $0.453 million to $12.52 million (see hourly crypto market cap chart below).
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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