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Crypto Market Daily Highlights – Optimism (OP) Leads the Way
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It was a choppy Friday session for the crypto market. A late pullback left BTC in the red, while the total crypto market cap rose for a fourth session.
Key Insights:
- It is a mixed session for the crypto top ten, with Binance Coin (BNB) and Cardano (ADA) bucking the top ten trend.
- The broader crypto market continued to find support from the NASDAQ 100, which ended the week on a bullish note.
- US economic indicators provided support, with the total crypto cap rising to a July high of $1,107 billion before easing back.
It is a mixed Friday session for the crypto top ten. Bitcoin (BTC) revisited $24,000, with a new July high of $24,416, with Binance Coin (BNB) returning to $300 for the first time since June 6.
Momentum from the dovish Fed rate hike on Wednesday and US economic indicators from Thursday continued to deliver support.
On Friday, US economic indicators were also crypto-market friendly. US inflation picked up modestly in June, while personal spending rose more than forecast.
The Core PCE Price Index increased by 4.8%, year-over-year, versus a forecast and May 4.7% rise. For the markets, the Fed’s preferred measure showed inflation picking up at a slower pace than the consumer price index. According to the CPI figures, the US annual rate of inflation accelerated from 8.6% to 9.1% in June.
Personal spending increased by 1.1% in June, which was also positive. Economists forecast a 0.9% rise following a modest 0.3% increase in May.
The crypto market tracked the NASDAQ 100 through the US session, and extended gains post the US market close before a late pullback.
On Friday, the NASDAQ 100 rose by 1.88%, following the 1.08% gain on Thursday.
The Total Crypto Market Cap Visits $1,100 Billion on Bullish Sentiment
On Friday, the crypto market found early support, rising to a day high of $1,107 billion before falling to a day low of $1,050 billion.
However, finding late support, the market cap ended the day at $1,076 billion, up $2.33 billion for the session.
The upside came in response to the change in sentiment towards Fed monetary policy. Following the GDP numbers from Thursday, the inflation and personal spending figures could support a smaller Fed rate hike in September.
With another $2 billion flowing into the crypto market, an end to a three-month losing streak looks assured. For July, the total market cap is up $211 billion.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
BNB led the way, rallying 5.91%, with ADA (+1.75%) also bucking the crypto top ten trend.
It was a bearish session for the rest, with SOL (-2.34%) and XRP (-1.52%) leading the way down.
A late pullback also saw BTC (-0.36%), DOGE (-0.42%), and ETH (-0.17%) end the day in the red.
From the CoinMarketCap top 100, it was a mixed session.
Bitcoin Gold (BTG) led the way, surging by 26.80%. Optimism (OP), yearn.finance (YFI), and Ravecoin (RVN) also made solid gains. OP rallied by 20.50%, with YFI and RVN up by 18.86% and 17.04%, respectively.
At the other end of the table, Curve DAO Token (CRV) led the way down, sliding by 7.72%, with THORChain (RUNE) falling by 5.53%.
Total Crypto Liquidations Suggest a Choppy Start to the Weekend
On Friday, 24-hour liquidations slipped back, with the crypto market seeing a more modest rise following breakout sessions from earlier in the week.
At the time of writing, 24-hour liquidations stood at $238 million, down from $543 million on Friday morning.
Liquidated traders declined over the last 24 hours. At the time of writing, liquidated traders stood at 87,017 versus 120,788 on Friday morning.
However, both one and four-hour liquidation figures remained elevated.
According to Coinglass, four-hour liquidations stood at $33.66 million, down from $96.94 million on Friday. One hour liquidations stood at $16.17 million, up from $3.46 million (see hourly crypto market cap chart below).
Daily News Highlights
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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