Key Insights:
- It is a mixed Thursday session for the crypto top ten, with Solana (SOL) and Polkadot (DOT) leading the way while Cardano (ADA) struggles.
- Market correlation with the NASDAQ 100 was evident throughout the US session, delivering broader market support.
- The total crypto market cap is up $2.85 billion to $945.2 billion, with 100 minutes of the session remaining.
It is a mixed Thursday session for the crypto top ten. Bitcoin (BTC) avoids a visit to sub-$19,000, while DOT and SOL lead the way in a relatively range-bound Thursday session.
US economic indicators failed to impress on Thursday, easing selling pressure on riskier assets. While US initial jobless claims fell from 228k to 222k, the continuing jobless claims rose from 1,437k to 1,473k. There was a muted crypto market reaction to the numbers ahead of the US opening bell.
However, the NASDAQ 100 did provide support, rising by 0.60% to consolidate Wednesday’s 2.14% rally. This week, the crypto market correlation with the NASDAQ 100 strengthened. Riskier assets brushed aside hawkish Fed chatter for a second session. On Thursday, Powell talked of his commitment to fighting inflation. However, there was nothing new from the Fed Chair to spook the markets.
Crypto Market Finds Support from the NASDAQ 100 for a Second Session
On Thursday, the total crypto market fell to a low of $927.7 billion before rising to a high of $957.0 billion.
While falling back from the day high, the crypto market cap is up $2.85 billion to $945.2 billion. However, the crypto market cap is down $15.6 billion for the current week, with Fed fear lingering.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It is a mixed Thursday session for the crypto top ten.
DOT (+2.50%) and SOL (+2.26%) lead the way, with 100 minutes of the session remaining. XRP is up 1.10%.
While BNB (+0.54%), BTC (+0.01%), and ETH (+0.21%) are also in positive territory, ADA is down 0.42%. DOGE fell out of the top ten.
From the CoinMarketCap top 100, it is a mixed session.
OKB (OKB) leads the way with a 16.64% gain, with NEO (NEO) and Bitcoin Cash (BCH) up by 6.52% and 8.27%, respectively.
Helium (HNT) gave up some of Wednesday’s gains, falling by 10.00%, with EOS (EOS) and Lido DAO (LDO) down by 3.84% and 4.26%, respectively.
Crypto Liquidations Fall in a Range-Bound Thursday Session
Over 24 hours, total liquidations eased further back, supported by another bullish day for the NASDAQ 100.
At the time of writing, 24-hour liquidations stood at $118.74 million, down from $245.56 million on Thursday morning.
Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 36,151 versus 58,782 on Thursday morning. Liquidations over one hour, four hours, and 12 hours are also lower.
According to Coinglass, 12-hour liquidations stood at $74.59 million, down from $151.18 million on Thursday morning, with one-hour liquidations down from $5.25 million to $1.06 million. 4-hour liquidations are down from $104.84 million to $17.05 million. The chart below shows market conditions throughout the session.
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