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Crypto Market Daily Highlights – Ethereum (ETH) Leads the Way
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It is a mixed Sunday session for the crypto market, with Ethereum leading the way. A late crypto market pullback leaves DOGE and ADA in the red.
Key Insights:
- It is a mixed Sunday session for the crypto top ten, with Ethereum (ETH) leading the way.
- Investor sentiment towards the Ethereum Merge delivered a breakout session.
- With an hour to go, the total coin market cap was up $16 billion to end the day at $1,023 billion.
It is a mixed Sunday session for the crypto top ten. Bitcoin (BTC) revisited $23,000, with Ethereum (ETH) hitting a high of $1,664 before easing back.
The upcoming Fed monetary policy decision and concerns over the US economic outlook took a backseat, with investors refocusing on crypto-related news.
Going into the month’s final week, the Cardano (ADA) Vasil hard fork is imminent, with progress towards the Ethereum Merge also proving to be the key for the broader crypto market.
The Total Crypto Market Cap Jumps Despite Crypto Headwinds
A bearish start to the Sunday session saw the total crypto market cap fall to a low of $1,001 billion.
The crypto market avoiding sub-$1,000 billion, with a broad-based market rally driving the market cap to a day high of $1,041 billion before easing back.
The broad-based crypto rally will wrap up a bullish week, with the crypto total market cap currently up $91.5 billion.
Significantly, the total crypto market cap is up by $157 billion for July. Barring a Fed-fueled sell-off, the crypto market looks set to end a 3-month losing streak.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
At the time of press, ETH was up 3.72% to lead the way, with SOL (+2.90%) close behind.
While BNB (+1.04%), BTC (+0.92%), and XRP (+0.15%) also found support, ADA (-0.39%) and DOGE (-0.40%) look set to buck the top ten trend.
From the CoinMarketCap top 100, it is also a mixed session.
Lido DAO (LDO) leads the way, going into the final hour, with an 8.32% gain.
Bitcoin Cash (BCH), Synthetix (SNX), and Fantom (FTM) are close behind.
However, succumbing to a late reversal, Axie Infinity (AXS) is leading the way down, with a 5.11% loss.
Kusama (KSM), ApeCoin (APE), and NEM (XEM) are also facing relatively heavy losses.
Total Crypto Liquidations Spikes in Final Hour Crypto Pullback
On Monday, 24-hour liquidations are up, though liquidation levels remain low relative to the mid-week spike.
This morning, 24-hour liquidations stood at $155 million, up from $127 million on Sunday. On Tuesday morning, liquidations had spiked at $691 million.
Liquidated traders have fallen sharply over the last 24 hours. At the time of writing, liquidated traders stood at 41,141 versus 61,924 on Sunday morning.
However, one-hour liquidations are up, reflecting the current market pullback from session highs.
According to Coinglass, one-hour liquidations stood at $34.39 million, up from $0.526 million on Sunday. Four-hour liquidations stood at $41.48 million, up from $9.33 million on Sunday. (See hourly 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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