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Crypto Market Daily Highlights – ETH Makes a Move while DOGE Struggles
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It is a mixed Thursday session for the crypto market. Once more, US economic indicators eased recession fears while fueling bets of a hawkish Fed.
Key Insights:
- It is a mixed Thursday session for the crypto top ten, with Ethereum (ETH) leading the way while Dogecoin (DOGE) struggles.
- US economic indicators and sentiment towards Fed monetary policy deliver a mixed crypto session.
- The mixed session leaves the total crypto market cap up $2.95 billion to $1,093 billion.
It is a mixed Thursday session for the crypto top ten. Bitcoin (BTC) is currently in positive territory but could fall short of $24,000 for the first time since August 9. However, DOGE leads the way down.
US economic indicators provided direction through the US session. Philly Fed Manufacturing and jobless claims figures delivered support to riskier assets. However, the stats also created more uncertainty over what to expect at the next Fed meeting.
The crypto market found support from the NASDAQ 100, which ended the day with a modest 0.21% gain.
The Total Crypto Market Cap on Target to End Four-Day Losing Streak
On Thursday, the total crypto market cap fell to an early low of $1,080 billion before rising to a high of $1,107 billion. The return to $1,100 billion coincided with the release of the US economic indicators that supported riskier assets. However, bearish late in the session left the market cap at sub-$1,100 billion.
Up by $2.95 billion, the total crypto market cap is up by $34 billion for August.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
With two hours to go, it is a mixed Thursday session for the crypto top ten.
DOGE leads the way down, sliding by 3.19%, with ADA (-1.30%), BNB (-1.11%), and XRP (-0.22%) also seeing red.
However, ETH and SOL are up 1.85% and 1.15%, respectively, with BTC (+0.11%) also bucking the top ten trend.
From the CoinMarketCap top 100, it is a mixed session.
Gnosis (GNO) leads the way, rallying by 7.91%, with Celsius (CEL) and EOS (EOS) seeing gains of 7.91% and 5.56%, respectively.
However, Huobi Token (HT) leads the way down, falling by 6.59%. Trust Wallet Token (TWT) and Lido DAO (LDO) are down 6.02% and 5.71%, respectively.
Total Crypto Liquidations Slide in a Mixed Crypto Session
This morning, total liquidations hit reverse, with US economic indicators easing fears of a recession. Liquidations declined despite the US economic indicators supporting a more hawkish Fed at the next policy meeting.
At the time of writing, 24-hour liquidations stood at $57 million, down from $239 million on Thursday morning.
Liquidated traders decreased over the last 24 hours. At the time of writing, liquidated traders stood at 30,221 versus on Thursday morning. Liquidations over 12 hours, 4 hours, and the last hour also indicate improving market conditions.
According to Coinglass, 12-hour liquidations stand at $36.43 million, down from $147.41 million, with 4-hour liquidations falling from $31.97 million to $7.12 million. One-hour liquidations are down from $15.42 million to $1.33 million.
The liquidation figures reflected improving market conditions over the Thursday session, with the one-hour numbers suggesting steady conditions ahead of the Friday session. (See hourly crypto market cap chart below).
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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