Crypto Market Daily Highlights – SOL Leads While ETH Sees Red

Key Insights:

• It is a mixed Monday session for the crypto top ten, with solana (SOL) in breakout mode while ethereum (ETH) struggled.
• Investor jitters ahead of the approaching Merge and the Vasil hard fork weighed on ETH and Cardano (ADA).
• The total crypto market cap is up by $2.96 billion to $1,029 billion, with 120 minutes of the session remaining.

It is a mixed Monday session for the crypto top ten. ETH leads the way down, while solana (SOL) leads the way, rallying by 7.00%, supported by NFT news. However, despite the mixed session, bitcoin (BTC) aims to extend the winning streak to six sessions with a return to $22,000.

Crypto market moves suggested investor jitters creeping in ahead of the Ethereum Merge. Cardano (ADA) also struggled, despite progress towards the Vasil hard fork.

However, another bullish session for the NASDAQ 100 was good enough for the broader crypto market. On Monday, the NASDAQ 100 rose by 1.27%, adding to last week’s 4.14% gain.

It could be a trickier day ahead. The US CPI report is in focus early in the U.S session. A pickup in inflationary pressure could create uncertainty over the Fed’s September move. The markets have priced in a 75-basis point rate hike.

Crypto Market on Target to Extend Winning Streak to Six

On Monday, the crypto market cap fell to an early low of $1,004 billion before climbing to an afternoon high of $1,049 billion. With volatility picking up, the market cap fell back to sub-$1,020 billion before returning to positive territory.

With 120 minutes of the Monday session remaining, the crypto market cap is up $2.96 billion to $1,029 billion. Another positive session would extend the winning streak to six sessions.

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

It is a mixed Monday session for the crypto top ten.

SOL leads the way, gaining 7.00%, with BTC (+2.21%) and XRP (+0.53%) also finding support.

However, ETH (-3.06%) leads the way down, with ADA (-0.39%), BNB (-0.88%), and DOT (-0.13%) also seeing red.

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

Ravencoin (RVN) leads the way, rallying by 37.36%, with Golem (GLM) and Hedera (HBAR) seeing gains of 23.53% and 12.06%, respectively.

However, Terra (LUNA), Terra Classic (LUNC), and TerraClassicUSD (USTC) lead the way down. LUNA and LUNC are down by 23.43% and 23.6%, respectively, with USTC falling by 16.83%.

24-HourCrypto Liquidations Inch Higher in Choppy Monday Session

Over 24 hours, total liquidations increased as jitters over network updates. The BTC return to $22,000 led to the liquidation of shorts.

At the time of writing, 24-hour liquidations stood at $206.12 million, up from $127.57 million on Monday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 64,872 versus 39,529 on Monday morning. Liquidations over one and four hours declined, while liquidations over twelve hours were higher, reflecting market volatility and the late recovery.

According to Coinglass, 12-hour liquidations stood at $91.64 million, up from $61.55 million on Monday morning. However, four-hour liquidations were down from $31.52 million to $14.45 million, with one-hour liquidations down from $15.28 million to $6.68 million. The chart below shows market conditions throughout the session.