Daily Crypto Market Highlights – BNB Leads Sunday Rebound
Key insights:
- It’s a bullish end to a bearish week for the crypto top ten, with Binance Coin (BNB) leading the recovery.
- There were no cues from the crypto news wires to change investor sentiment, leaving dip buyers to provide further support.
- The bullish Sunday session boosted the crypto market cap by $23.5 billion to $1,006 billion with one hour left in the session.
It’s a bullish Sunday session for crypto top ten. Bitcoin (BTC) avoided below $21,000 while also coming below $22,000. However, Binance Coin (BNB) and Solano (SOL) lead the way with an hour to go (UTC).
After a choppy Saturday session, dip buyers jumped back in to support a bullish afternoon session. There was no crypto news to provide direction or deliver a shift in investor sentiment towards Fed monetary policy.
This week, crypto investors must navigate a busy US economic calendar. US economic indicators include services PMI (Tue), core durable goods orders (Wed), Q2 GDP and jobless claims (Thu), and inflation and personal spending (Fri). At the end of the week, the Jackson Hole Symposium will also be a test for the crypto market.
Entering the Monday session, the NASDAQ 100 Mini is down 60.75 points, with the crypto correlation with the NASDAQ unlikely to weaken.
The total market capitalization of crypto falls for the first time in seven weeks.
On Sunday, the total crypto market cap fell to a low of $977.58 billion before rising to a high of $1,018 billion. However, a late pullback saw the crypto market cap fall to $992.4 billion before reversing.
Sunday’s increase sees the crypto market cap fall by $69 billion for the week.
Crypto Market Movers and Shakers from the Top Ten and Beyond
It’s a bullish Sunday session for crypto top ten.
With one hour left in the Sunday session (UTC), BNB is up 6.38%, with SOL (+3.6%) on the move.
ADA (+2.88%), BTC (+1.95%), ETH (+2.68%) and XRP (+2.54%) are also on the rise while DOGE (+0.28%) went after.
From the CoinMarketCap top 100, it is a bearish session.
Lido DAO (LDO), EOS (EOS) and Nexo (NEXO) lead the way. LDO is up 18.16%, with EOS and NEXO up 11.37% and 7.03% respectively.
However, Celsius (CEL) and XDC Network (XDC) lead the way, with losses of 10.61% and 3.96% respectively.
Total crypto liquidations slip on bullish end of crypto week
Over the past 24 hours, total liquidations fell below normal levels, with dip buyers delivering a bullish crypto session.
At the time of writing, 24-hour liquidations stood at $97 million, down from $147 million on Sunday morning.
Liquidated traders also fell back in the last 24 hours. At the time of writing, liquidated traders stood at 31,317 against 54,629 on Sunday morning. While 12-hour liquidations were down, 4-hour and one-hour liquidations reflected a choppy end to the week.
According to Coinglass, 12-hour liquidations stood at $54.16 million, down from $122.80 million on Sunday morning. 4-hour liquidations rose from $8.36 million to $31.60 million, with one-hour liquidations up from $1.08 million to $14.08 million. The chart below shows market conditions over the last 4 hours.
