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Crypto Market Daily Highlights – ETH Rallies While BTC Struggles
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Ethereum was back on the move on Thursday, with a return to $1,600. BTC and DOGE struggled, however, following the Tesla news from Wednesday.
In this article:
Key Insights:
- On Thursday, it was another mixed session for the crypto top ten, with Dogecoin (DOGE) and bitcoin (BTC) bucking the broader market trend.
- Another bullish session for NASDAQ 100 delivered the broader crypto market with support.
- The total crypto market cap rose by $11.3 billion to end the day at $1,029 billion.
It was a mixed Thursday session for the crypto top ten. Bitcoin (BTC) failed to revisit $24,000, with Dogecoin (DOGE) also struggling.
Investor reaction to the news of Tesla Inc. (TSLA) offloading 75% of its BTC holdings continued to pressure BTC. DOGE also struggled despite Tesla holding on to DOGE.
News of the SEC labeling a string of cryptos as securities failed to weigh on investor sentiment.
On Thursday, the broader crypto market tracked the NASDAQ 100 into positive territory. Corporate earnings continued to deliver support, with the Tesla Inc. earnings results from Wednesday driving demand for riskier assets.
The NASDAQ 100 rose by 1.36% on Thursday, following a Wednesday 1.58% gain.
At the time of writing, the NASDAQ 100 Mini was down 92.5 points.
The Total Crypto Market Cap Rises on NASDAQ Support
A bearish start to the Thursday session saw the total crypto market cap fall to a low of $991.8 billion before finding support.
Further market reaction to news of Tesla selling off 75% of its BTC holding tested buying appetite early on.
Sentiment improved through the day, however, with the total crypto market cap rising to a high of $1,041 billion before easing back.
Notable moves across the crypto top ten were an Ethereum return to $1,600 and a BTC fall to sub-$23,000.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
BTC and Dogecoin (DOGE) bucked the top-ten crypto trend, falling by 0.30% and 0.20%, respectively.
It was a bullish session for the rest of the majors, with ETH rallying by 3.52% to lead the way.
BNB (+2.90%) and SOL (+2.57%) also found strong support, while ADA (+1.83%) and XRP (+0.99%) trailed the front runners.
From the CoinMarketCap top 100, Curve DAO Token (CRV) led the way with a 21.6% gain. Cosmos (ATOM) and Synthetix (SNX) also found strong support, rising by 14.2% and 15.1%, respectively.
At the other end of the table, Klaytn (KLAY) and Amp (AMP) led the way down, falling by 2.14% and 3.43%, respectively. Flow (FLOW), Lido DAO (LDO), and VeChain (VET) also struggled.
Total Crypto Liquidations Support a Bullish Friday Session
On Friday, 24-hour liquidations continued to retreat, indicating more favorable market conditions.
This morning, 24-hour liquidations stood at $198 million, down from $338 million on Thursday.
Liquidated traders also fell over the last 24 hours, highlighting better market conditions. At the time of writing, liquidated traders stood at 65,160 versus 98,758 on Thursday morning.
Alongside the decline in 24-hour liquidations, one-hour and four-hour liquidations were down from Thursday.
According to Coinglass, one-hour liquidations stood at $4.10, down from $6.90 million on Thursday. Four-hour liquidations stood at $33.04 million, down from $101.16 million on Thursday.
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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