The crypto market continued to struggle on Saturday as investors found little reason to jump back in. It could be a testy Sunday, with BTC at sub-$20,000.
It was a mixed Friday session for the crypto top ten. Bitcoin (BTC) visited sub-$20,000 for the first time since July 14. While ETH fell back to sub-$1,500, ADA bucked the top ten trend.
There was no crypto news to support a shift in investor sentiment, while Vasil hard fork news remained bullish for ADA.
On Saturday, the total crypto market cap rose to an early high of $960.38 billion before falling to a low of $928.2 billion. However, a late partial recovery saw the market cap return to $944 billion.
The bearish session left the total crypto market cap down $115 billion for August.
It was a mixed Saturday session for the crypto top ten.
ADA rallied by 4.17%, with DOGE ending the day flat to buck the broader market trend.
However, it was a bearish session for the rest of the top ten.
ETH and BTC led the way down, with losses of 1.11% and 1.05%, respectively. BNB (-0.64%), SOL (-0.58%), and XRP (-0.61%) also saw red.
From the CoinMarketCap top 100, it is a mixed session.
Internet Computer (ICP) led the way, rising by 9.77%, with Chiliz (CHZ) and Synthetix (SNX) seeing gains of 6.02% and 6.16%, respectively.
At the other end of the table, Decred (DCR) slid by 12.87% to lead the way down. Quant (QNT) and Lido DAO (LDO) fell by 4.04% and 5.94%, respectively.
Over 24 hours, total liquidations fell back despite Powell’s Jackson Hole speech resonating.
At the time of writing, 24-hour liquidations stood at $113.06 million, down from $346.13 million on Saturday morning.
Liquidated traders also fell over the last 24 hours. At the time of writing, liquidated traders stood at 38,383 versus 113,370 on Saturday morning. Liquidations over 12 hours, 4 hours, and one hour were also down.
According to Coinglass, 12-hour liquidations stood at $62.45 million, down from $271.70 million on Saturday morning. 4-hour liquidations slid from $82.24 million to $14.45 million, with one-hour liquidations down from $68.92 million to $2.71 million. The chart below shows market conditions throughout the session.
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.