Crypto Market Daily Highlights – ETH and SOL Buck the Top Ten Trend

Key Insights:

• It was a choppy Saturday session for the crypto top ten, with Ethereum (ETH) and Solana (SOL) extending losses from the Friday sell-off.
• There were no cues from the crypto news wires to shift investor sentiment, leaving dip buyers to provide support.
• A late crypto market recovery from negative territory delivered a $3.08 billion increase, leaving the market cap at $982.8 billion.

It was a mixed session for the crypto top ten. Bitcoin (BTC) returned to sub-$21,000, with a day low of $20,769 before wrapping up the day at $21,141. However, Ethereum (ETH) and Solano (SOL) saw red to buck the top ten trend.

A choppy session saw the broader crypto market slide back into negative territory before dip buyers jumped in. There were no crypto news stories to deliver support or shift investor sentiment toward Fed monetary policy.

The lack of direction will likely give the NASDAQ 100 influence going into the Monday session. Following Friday’s 2.01% loss, the NASDAQ 100 Mini will need to head northwards to prevent a bearish start to the week.

With the crypto market focused on US economic indicators and the Fed, the NASDAQ – crypto correlation will likely remain in place over the near term.

The Total Crypto Market Cap Steadies after the $99 Billion Meltdown

On Saturday, the total crypto market cap rose to a mid-morning high of $1,003 billion before sliding to a low of $963.6 billion. However, finding late support, the total crypto market cap ended the day up $3.08 billion to $982.8 billion.

The modest Saturday gain left the total crypto market cap down $76 million for August. After hitting an all-time high of $3,009 billion in November, the crypto market cap is heading for a seventh monthly loss in ten.

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

It was a mixed Saturday session for the crypto top ten.

DOGE led the way with a 2.30% gain, with ADA (+0.22%), BNB (+1.61%), BTC (+1.47%), and XRP (+0.71%) finding support.

However, ETH (-2.05%) and SOL (-1.51%) bucked the top ten trend.

From the CoinMarketCap top 100, it was a mixed session.

EOS (EOS), Quant (QNT), and Monero (XMR) were among the front runners on Saturday.

QNT and XRM rose by 5.74% and 4.57%, respectively, with EOS rallying by 10.92%.

However, Gnosis (GNO), Celsius (CEL), and Chiliz (CHZ) were among the biggest losers of the day.

GNO and CEL slid by 8.88% and 13.73%, respectively, with CHZ declining by 6.58%.

Total Crypto Liquidations Subside as Calm Returns to the Crypto Market

Over the last 24 hours, total liquidations returned to normal levels, with dip buying delivering a mixed crypto session.

At the time of writing, 24-hour liquidations stood at $147 million, down from $639 million on Saturday morning.

Liquidated traders also fell back over the last 24 hours. At the time of writing, liquidated traders stood at 54,629 versus on Saturday morning. While liquidations over 12 hours remained elevated, 4-hour and one-hour liquidations reflected improving market conditions.

According to Coinglass, 12-hour liquidations stood at $122.80 million. 4-hour liquidations slid from $94.04 million to $8.36 million, with one-hour liquidations down from $19.36 million to $1.08 million. The chart below shows improving market conditions over the last 4 hours.