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Crypto Market Daily Highlights – Cardano (ADA) Led the Top Ten
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It was a relatively bullish Saturday session, with the total crypto market cap resuming the recent upward trend. It could be a testy day ahead, however.
In this article:
Key Insights:
- It was a bullish Saturday for the crypto top ten, with Cardano (ADA) enjoying a breakout session.
- A largely range-bound session saw bitcoin slip by 0.05%, while ADA found support ahead of the Vasil hard fork.
- The total crypto market cap rose by $4.2 billion to record the sixth increase in eight sessions.
It was a bullish Saturday session for the crypto top ten. Bitcoin (BTC) ended with a modest loss, while ADA found strong support ahead of the Vasil hard fork.
Following the Fed meeting minutes and the US nonfarm payroll figures, there were no key drivers to provide the broader market with direction. The lack of external forces supported a bullish Saturday session.
The crypto correlation with the NASDAQ 100 remained intact this week, and we anticipate more of the same. US inflation and retail sales figures will test investor resilience in the week ahead.
The Total Crypto Market Cap Sees Modest Decline
A mixed Saturday morning session saw the crypto market cap fall to a low of $921.2 billion before support kicked in.
The total market cap rose to a high of $947.9 billion before easing back to sub-$940 billion.
On Saturday, the total crypto market cap rose by a modest $4.2 billion.
BTC and SOL bucked the trend, however, falling by 0.05% and by 0.20%, respectively.
From the CoinMarketCap top 100, Quant (QNT) led the way again, rallying by 16%. Compound (COMP), Convex Finance (CVX), Aave (AAVE), and Uniswap (UNI) also made solid gains.
At the other end of the table, Polygon (MATIC) and Huobi Token (HT) were among a handful of cryptos to see red. HT fell by 3.4%, with MATIC seeing a 2.59% loss.
Total Crypto Liquidations Reflect Improving Market Conditions
24-hour liquidations fell through Saturday, supporting the bullish crypto session.
This morning, 24-hour liquidations stood at $59.5 million, down from $209 million on Saturday morning.
Liquidated traders over the last 24 hours declined. At the time of writing, liquidated traders stood at 23,346 versus 51,676 on Saturday.
Four-hour and One-hour liquidations reflected improving market conditions late in the session.
According to Coinglass, one-hour liquidations stood at $1.60 million, down from $3.61 million on Saturday. Those tracking crypto liquidations will look for a return to sub-$1 million over the weekend.
Daily News Highlights
- Cayman-based trading platform MoonXBT announced zero-fee trading.
- Russian bank Sberbank executed its first digital financial asset (DFA) transaction on its blockchain platform.
- US regulators turned the spotlight on Voyager and Celsius.
- Following the release of the US Treasury crypto framework for digital assets, the US turned to Japan to increase pressure on crypto miners linked to Russia.
- Paxos became the first stablecoin issuer to disclose monthly reserve holdings for USDP and BUSD.
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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