- Crypto assets resumed the latest uptrends on Monday, with ETH leading with an 18% surge.
- Sentiment shift within the cryptocurrency market triggered decouples from Nasdaq 100, with enthusiasts focusing on crypto news updates.
- The global crypto market capitalization hit the $1T level after gaining $82.59 billion.
The top ten crypto assets saw bullish reactions on Monday. Bitcoin overcome its latest ranges to visit the $22K level, with Ethereum opening the gates towards the $2K level. Sentiments towards the Cardano Vasil fork and Ethereum Merge halted Nasdaq 100’s effect on investor appetite.
Analysts had predicted decoupling by the crypto from the U.S equities, which moved into the earning period. Meanwhile, a breakout following the U.S market close confirms the start of a decoupling.
There weren’t speeches from FOMC members to consider, and the Fed will remain mute until 28 July. Also, the easing projection of a 100bp rate increase this month.
Crypto Market Capitalization Hits $1T
Bullish sessions on Monday saw the global cryptocurrency market cap climbing from $929 billion to $1.02 trillion before slight reversals. Meanwhile, the correction triggered downswings to $966B before a post-U.S market cryptocurrency rally.
The crypto market cap gained $82.59 billion, closing the day beyond $1 trillion. The index has never ended the day beyond the coveted mark since 12 June. Meanwhile, Bitcoin’s $22K return and ETH’s upsurge past $1,500 drove the broad market rally.
Crypto Movers and Shakers
ETH led the top-ten pack with an 18.17% surge, with Solana (+12.73%) and Cardano (+9.37%) also presenting impressive leg-ups. Further gains emerged from Binance Coin (+6.62%), Bitcoin (+7.15%), Dogecoin (+7.15%), and Ripple (+6.47%).
Meanwhile, Ethereum Classic topped Coinmarketcap’s top-100 charts, gaining 31.4%. GMT and MATIC followed with 25.77% and 27.4%, respectively. Lido DAO decoupled from the uptrends, losing 10.55% as investors booked profits.
Potential Pullbacks as Liquidations Surge
24hr liquidations soared on Tuesday, indicating a possible retracement from Monday price levels. Similar tendencies emerged during the weekend, with surged liquidations into Sunday triggering a bearish session following a bullish move.
24hr liquidations hovered at $691 million early today, climbing from Monday’s $116.95 million. Also, liquidated investors increased overnight, confirming deteriorating conditions within the marketplace.
The metric was 128,281 during this publication, up from early Monday’s 40,592. Coinglass shows that 1hr liquidation climbed from $5.22M on Monday to $161.66M.