Crypto Market Daily Highlights – Solana and The Sandbox Lead the Way

Bob Mason
Updated: Jul 5, 2022, 06:57 GMT+00:00

It was a bullish start to the week for the crypto market. For the day ahead, risk sentiment and the NASDAQ need monitoring ahead of the US open.

Cryptos find support

Key Insights:

  • It was a bullish start to the week for the crypto top ten, with Solana (SOL) and Ethereum (ETH) leading the way.
  • Following the 3AC bankruptcy filing, news of more platforms freezing withdrawals failed to spook investors.
  • The total crypto market cap rose by $37 billion to reverse losses from the start of the month.

It was a bullish Monday session for the crypto market. Bitcoin (BTC) rose for a second consecutive day, its best run since a three-day winning streak in late June.

Solana (SOL) led the top ten, with BNB and ETH also finding strong support.

While trailing the front runners, Dogecoin extended its winning streak to four consecutive sessions.

At the time of writing, the NASDAQ 100 Mini was up 82 points, with a pickup in risk appetite likely to support the crypto market.

The Total Crypto Market Cap Rises for a Third Session

The bullish session saw the total crypto market cap inch back towards the $900 billion mark on Monday.

A bearish start to the day saw the market cap fall to a low of $837.4 billion before jumping to a high of $893.9 billion.

By day end, the market cap increased by $37.23 billion to $888 billion.

crypto market cap
Total Market Cap 050722 Daily Chart

Significantly, the Monday gain pulled the total market cap into positive territory for July.

However, it is also worth considering that the market has not enjoyed more than a three-day winning streak since March,

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

SOL rallied by 9.99% to lead the way, with ETH (+7.19%) and BNB (+5.57%) finding strong support.

ADA (+3.08%), BTC (+3.66%), DOGE (+3.23%), and XRP (+2.36%) also continued finding support.

From the CoinMarketCap top 100, The Sandbox (SAND) jumped by 15.1%, with Convex Finance (CVX) and THORChain (RUNE) rallying by 14.1% and by 10.4%, respectively.

However, NEM (XEM) fell by 2.7% to lead the way down. XEM joined a handful of cryptos to buck the broader market trend

Total Crypto Liquidations to Test the Current Market Upswing

24-hour liquidations picked up going into Tuesday, which could test investor resilience after the US holidays.

This morning, 24-hour liquidations stood at $147 million, up from $80.74 million on Monday and $58.2 million on Sunday.

Liquidated traders over the last 24 hours increased. At the time of writing, liquidated traders stood at 41,573 versus 25,320 on Monday morning.

One-hour liquidation figures also suggested a possible crypto market pullback at the turn of the day.

According to Coinglass, one-hour liquidations stood at $12.79 million versus $0.920 million on Monday.

Crypto liquidations
Total Crypto Liquidations 050722

Daily News Highlights

  • DappRadar and LayerZero launched the first cross-chain token staking mechanism.
  • FTX and BlockFi agreed on a deal with an FTX option to buy BlockFi for $240 million.
  • Meta shelved crypto wallet project Novi.
  • Hacker offered to sell over 23 terabytes (TB) of personal data for 10 BTC, highlighting the use of crypto for criminal activity.
  • Bankless Times revealed US romance scams as the second most common crypto scam.
  • Another crypto lender succumbs to the crypto winter. Vauld suspended withdrawals, trading, and deposits due to market conditions.

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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