Crypto Market Daily Highlights – Ethereum (ETH) leads the Crypto Top Ten

Key Insights:

• It is a bullish start to the week for the crypto top ten, with Ethereum (ETH) and Polkadot (DOT) leading the way.
• Investors continued to brush aside fears of a more substantial Fed rate hike, with the recent US economic indicators easing concerns over a US recession.
• The total crypto market cap is up by $26.61 billion to $1,101 billion.

It is a bullish Monday session for the crypto top ten. In a choppy session, bitcoin (BTC) revisited the $24,000 handle for the first time in eight sessions. Ethereum (ETH) leads the way, striking $1,800 for the first time since June 10.

Better-than-expected US nonfarm payrolls and ISM Non-Manufacturing PMI numbers from last week remained the key driver. Fears of a US economic recession had weighed on the broader crypto market ahead of last week’s stats.

However, in contrast to the US equity markets, crypto investors seemed less concerned with another sizeable Fed interest rate hike. The outcome was decoupling from the NASDAQ 100, which ended the day in the red for a second session.

Following the NASDAQ 100’s 0.50% loss on Friday, the NASDAQ 100 declined by 0.10%.

At the time of writing, the NASDAQ 100 Mini was up 14.25 points.

The Total Crypto Market Cap Starts the Week on the Rise

On Monday, the total crypto market cap fell to an early low of $1,072 billion before surging to a mid-day high of $1,127 billion. However, another late pullback saw the market cap slip to $1,095 billion before steadying. The crypto total market cap last ended the day at the $1,100 billion mark on June 11.

Up by $26.61 billion on Monday, the total crypto market cap is up by $45 billion for August.

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

It is a bullish Monday session for the crypto top ten.

With one hour remaining, ETH and DOT lead the way, with gains of 4.73% and 4.58%, respectively, with SOL up by 4.01%

ADA (+1.52%), BNB (+0.40%), BTC (+2.78%), and XRP (+1.55%) trailed the front runners.

From the CoinMarketCap top 100, it is a mixed session.

The Graph (GRT) leads the way, rallying by 15.5%, with Flow (FLOW) and NEAR Protocol (NEAR) close behind. With one hour to go, FLOW is up 14.11%, with NEAR up by 10.81%.

However, Lido DAO (LDO) leads the way down, falling by 6.26%, with Decred (DCR) and Theta Network (THETA) seeing losses of 6.25% and 4.19%, respectively.

Total Crypto Liquidations Jump in Bullish Monday Session

This morning, 24-hour liquidations were higher after sitting at sub-$100 million for two consecutive sessions.

At the time of writing, 24-hour liquidations stood at $187 million, up from $63 million on Monday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 57,332 versus 27,681 on Monday morning.

One-hour and four-hour liquidations also increased, reflecting a late market pullback as investors locked in profits ahead of tomorrow’s US inflation numbers.

According to Coinglass, four-hour liquidations stood at $19.75 million, up from $16.91 million on Monday morning. One-hour liquidations were up from $3.89 million to $8.71 million (see hourly crypto market cap chart below).

Daily News Highlights

• Crypto.com gets South Korea regulatory approval.
• Vitalik Buterin sees transaction fees down to as little as $0.02.
• Beanstalk’s stablecoin relaunches 4-months after a $182 million exploit.
• Coca-Cola (COKE) celebrates International Friendship Day with Polygon (MATIC).