- It’s a bullish weekend for the top 10 cryptos, with Cardano (ADA) and Binance Coin (BNB) leading the way.
- No clue from crypto newswires left investors juggling US economic indicators better than expected and the threat of another 75 basis point interest rate hike.
- Total market capitalization increased by $10.12 billion to end the week up $15.25 billion.
It was a bullish Sunday session for the crypto top ten. In another range-bound session, bitcoin (BTC) fell short of the $24,000 handle for the seventh straight session. Cardano (ADA) and Binance Coin (BNB) led the way, although gains were modest.
Recent US economic indicators have dampened investors’ nervousness about a US economic recession. However, the better-than-expected data fueled speculation of a one-percentage-point rate hike in September. In July, the Fed proceeded with a “dovish” hike of 75 basis points, as FOMC members worried about the impact on the US economy.
The ISM-based services PMI and non-farm payrolls numbers may have alleviated this concern. However, the Fed will have another set of economic indicators to consider ahead of the policy decision in September. The possibility of weaker numbers eased any immediate tension in the market.
After the NASDAQ 100 lost 0.50% on Friday, the NASDAQ 100 Mini lost 49.5 points this morning, driving the crypto lower.
Total Crypto Market Cap Ends Week Higher
On Sunday, the total crypto market cap slid to an early low of $1.055 billion before surging to a late high of $1.090 billion. However, weighed by the NASDAQ 100 Mini, the crypto market capitalization declined to end the day at $1.075 billion.
Up $10.12 billion on Sunday, the total crypto market capitalization rose $15.25 billion to register a fifth straight weekly gain.
Crypto Market Drivers and Shakers from the Top Ten and Beyond
This is a bullish Sunday session for the top ten cryptos.
ADA and BNB rose 3.33% and 2.44%, respectively, to lead the way, with BTC (+0.98%) and SOL (+1.36%) finding support.
DOT (+0.57), ETH (+0.57%) and XRP (+0.27%) followed first.
Of the CoinMarketCap top 100, it’s a mixed session.
Oasis Labs (ROSE), Loopring (LRC) and Theta Network (THETA) led the way. ROSE jumped 25%, with LRC and THETA up 11% and 8%, respectively.
At the other end of the chart, Filecoin (FIL) led the way, losing 7%. Lido DAO (LDO) and Synthetix (SNX) fell 5% respectively.
Total Crypto Liquidations View NASDAQ 100 Mini Influence
This morning, 24-hour liquidations remained below $100 million, mirroring Sunday’s bullish session.
As of this writing, 24-hour liquidations were $63 million, down from $59 million as of Sunday morning.
Liquidated traders have increased over the past 24 hours. At the time of writing, liquidated traders stood at 27,681 compared to 24,204 on Sunday morning.
However, the one-hour and four-hour sell-offs rose as investors priced in US inflation and reacted to the early decline in the NASDAQ 100 Mini.
According to Coinglass, four-hour liquidations were $16.91 million, down from $1.44 million on Sunday morning. Hourly liquidations fell from $0.328 million to $3.89 million (see hourly crypto market cap chart below).