Daily Crypto Market Highlights – Optimism (OP) Leads

by Arthur · July 30, 2022

Table of Contents

Key insights:

It’s a mixed session for the crypto top ten, with Binance Coin (BNB) and Cardano (ADA) going against the top ten trend.
The broader crypto market continued to find support from the NASDAQ 100, which ended the week on a bullish note.
US economic indicators provided support, with the total crypto cap rising to a July high of $1.107 billion before easing back.

It’s a mixed Friday session for crypto top ten. Bitcoin (BTC) revisited $24,000, with a new July high of $24,416, with Binance Coin (BNB) returning to $300 for the first time since June 6.

Momentum from the dovish Fed rate hike on Wednesday and US economic indicators from Thursday continued to provide support.

On Friday, US economic indicators were also crypto market friendly. Inflation in the US picked up modestly in June, while private consumption increased more than forecast.

The core PCE price index rose 4.8% year-on-year, against a forecast and a 4.7% gain in May. For the markets, the Fed’s preferred measure showed inflation picking up at a slower pace than the consumer price index. According to the CPI numbers, US annual inflation accelerated from 8.6% to 9.1% in June.

Private consumption increased by 1.1% in June, which was also positive. Economists forecast an increase of 0.9% after a modest increase of 0.3% in May.

The crypto market trailed the NASDAQ 100 throughout the US session, extending gains after the US market closed before a late pullback.

On Friday, the NASDAQ 100 rose 1.88%, following a 1.08% gain on Thursday.

Total Market Cap – NASDAQ – 300722 5 min chart

Total crypto market cap visits $1100 billion on bullish sentiment

On Friday, the crypto market found early support, rising to a day high of $1.107 billion before falling to a day low of $1.050 billion.

After finding late support, the market capitalization ended the day at $1,076 billion, up $2.33 billion for the session.

Total market cap 300722 daily chart

The upside came in response to the change in sentiment toward the Fed’s monetary policy. After the GDP figures from Thursday, the figures for inflation and private consumption may support a smaller interest rate increase by the Fed in September.

With another $2 billion pouring into the crypto market, an end to a three-month losing streak looks assured. For July, the total market value is up 211 billion dollars.

Crypto Market Movers and Shakers from the Top Ten and Beyond

BNB led the way, rising 5.91%, with ADA (+1.75%) also bucking the crypto top ten trend.

It was a bearish session for the rest, with SOL (-2.34%) and XRP (-1.52%) leading the way down.

A late pullback also saw BTC (-0.36%), DOGE (-0.42%) and ETH (-0.17%) end the day in the red.

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

Bitcoin Gold (BTG) led the way, rising 26.80%. Optimisme (OP), yearn.finance (YFI) and Ravecoin (RVN) also made solid gains. OP rose by 20.50%, with YFI and RVN up by 18.86% and 17.04% respectively.

At the other end of the table, Curve DAO Token (CRV) led the way down, sliding 7.72%, with THORChain (RUNE) falling 5.53%.

Total crypto liquidations suggest a choppy start to the weekend

On Friday, 24-hour liquidations fell back, and the crypto market saw a more modest increase after breakout sessions from earlier in the week.

At the time of writing, 24-hour liquidations stood at $238 million, down from $543 million on Friday morning.

Liquidated traders fell in the last 24 hours. At the time of writing, liquidated traders stood at 87,017 compared to 120,788 on Friday morning.

However, the figures for both one- and four-hour liquidation remained high.

Total crypto liquidations 300722

According to Coinglass, four-hour liquidations totaled $33.66 million, down from $96.94 million on Friday. One-hour liquidation was $16.17 million, up from $3.46 million (see hourly crypto market cap chart below).