- It is a mixed session for the crypto top ten, with Solana (SOL) and Ripple (XRP) finding strong support.
- There were no cues to give the crypto market direction, leaving investors to lock in some tidy profits.
- A mixed session saw the total crypto market cap end a four-day winning streak, with a fall of $1.07 billion, to end the day at $1,072 billion.
It is a mixed Saturday session for the crypto top ten. Bitcoin (BTC) failed to hold onto the $24,000 handle for a second consecutive day, despite striking a new July high of $24,619. Ripple (XRP) and Solana (SOL) led the way, with Dogecoin (DOGE) also avoiding the red.
There were no cues for the crypto market, leaving investors to consider US economic indicators from the week. While US GDP numbers pared bets of a 75 basis point rate hike, inflationary pressures picked up, leaving the Fed under pressure to bring inflation back to target.
Monetary policy uncertainty likely contributed to the downside, though there were no heavy losses among the top ten to suggest a shift to a more hawkish outlook.
In June, the Core PCE Price Index increased by 4.8%, year-over-year, versus a forecast and May 4.7% rise. Personal spending increased by 1.1% in June, which was also positive. Economists forecast a 0.9% rise following a modest 0.3% increase in May.
The Saturday pullback came despite the NASDAQ 100 wrapping up the month in bullish style.
On Friday, the NASDAQ 100 rose by 1.88% to end July up 12.35%.
The Total Crypto Market Cap Sees Four Day Winning Streak End
On Saturday, the crypto market rose to a late high of $1,112 billion before falling to a low of $1,059 billion.
However, finding late support, the market cap ended the day at $1,072 billion, down a modest $1.07 billion for the session.
There were no cues for the crypto market during the session, leaving investors to lock in gains from the week.
While $1.07 billion came off the table, the crypto market looks set to end a three-month losing streak. For July, the total market cap is up $211.5 billion.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a mixed session for the crypto top ten.
BNB led the way down, falling 2.04%, with BTC (-0.52%) and ETH (-1.41%) ending the day in the red.
SOL and XRP led the way, rallying by 4.60% and by 5.09%, respectively. ADA (+0.77%) and DOGE (+1.25%) also found support.
From the CoinMarketCap top 100, it was a mixed session.
Filecoin (FIL), yearn.finance (YFI), Oasis Labs (ROSE), and Ravecoin (RVN) were among the front runners.
FIL jumped by 35.10%. YFI (+7.88%), ROSE (+6.53%), and RVN (+8.59%) also made solid gains.
At the other end of the table, Qtum (QTUM), Synthetix (SNX), and Bitcoin Gold (BTG) struggled. SNX slid by 9.85%, with QTUM and BTG falling by 7.13% and 7.94%, respectively.
Total Crypto Liquidations Suggest Improving Market Conditions
On Friday, 24-hour liquidations eased back further in the wake of the Saturday market decline.
At the time of writing, 24-hour liquidations stood at $168 million, down from $238 million on Saturday morning and $543 million on Friday morning.
Liquidated traders declined over the last 24 hours. At the time of writing, liquidated traders stood at 68,567 versus 87,017 on Saturday morning.
Both one and four-hour liquidation figures also reflected a steadying in market conditions.
According to Coinglass, four-hour liquidations stood at $34.29 million, up marginally from $33.66 million on Saturday. One-hour liquidations were $3.80 million, down from $16.17 million (see hourly crypto market cap chart below).