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Crypto Market Daily Highlights – ETH Led the Top Ten, While ADA Saw Red
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It was a mixed Monday session for the crypto market, with the US markets closed. US economic indicators will influence later today, however.
Key Insights:
- It was a mixed Monday session for the crypto top ten, with Ethereum (ETH) leading the way while Cardano (ADA) led the way down.
- A lack of direction from the US left the crypto market in the hands of the European markets, with bearish economic indicators weighing.
- The total crypto market cap rose by $1.3 billion to $963.1 billion, with the NASDAQ 100 Mini delivering a final hour recovery.
It was a mixed Monday session for the crypto top ten. Bitcoin (BTC) ended the day at sub-$20,000 for the third time in four sessions, with DOGE holding onto the number ten spot. ADA led the way down, while sentiment towards the Merge provided ETH support.
Investors locked in ADA profits and shifted their attention to Ethereum (ETH) and the Merge. There were no cues from the crypto news wires to influence, leaving the broader crypto market in the hands of the European equity markets and the US futures.
Bearish economic data from the Eurozone sent the European equity markets into the red, weighing on the broader crypto market. However, the NASDAQ 100 Mini delivered support in the final hour of the Monday session and through the early hours of Tuesday.
Later today, ISM Non-Manufacturing PMI numbers from the US will influence. Expect positive numbers to drive Fed fear and test investor appetite. The crypto market will be hoping for an accumulation of reasons for the Fed to veer towards a 50-basis point rate hike later this month.
Crypto Market Cap Sees Modest Gain in a Choppy Session
On Monday, the total crypto market cap fell to a late morning low of $944.3 billion before a final hour rise to a high of $974.4 billion.
However, a pullback from the day high left the total crypto market cap up $1.3 billion to $963.1 billion.
The bearish sentiment across the European markets weighed on crypto investor appetite, with Fed Fear lingering. However, the NASDAQ 100 Mini delivered much-needed support in the final hour of the UTC session.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a mixed Monday session for the crypto top ten.
From the CoinMarketCap top 100, it was a mixed session.
Ethereum Classic (ETC) led the way, surging by 22.3%, with FLUX (FLUX) and Ravencoin (RVN) rallying by 12.0% and 11.6%, respectively.
However, Helium (HNT) led the way down, sliding by 9.0%, with UNUS SED LEO (LEO) and Cosmos (ATOM) falling by 3.9% and 3.1%, respectively.
24-Hour Crypto Liquidations Rise in a Choppy Start to the Week
Over 24 hours, total liquidations increased, with volatility picking up on Monday.
At the time of writing, 24-hour liquidations stood at $181.40 million, up from $47.78 million on Monday morning.
Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 48,388 versus 17,110 on Monday morning. Liquidations over one hour, 4 hours, and 12 hours were also higher, reflecting the choppy session.
According to Coinglass, 12-hour liquidations stood at $153.50 million, up from $30.26 million on Monday morning, with 4-hour liquidations up from $5.33 million to $117.35 million. One-hour liquidations jumped from $0.428 million to $11.99 million. The chart below shows market conditions throughout the session.
About the Author
Bob Masonauthor
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.
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