The broader crypto market remains flat, with the top 10 cryptos having a mixed session. Bitcoin (BTC) failed to revisit the $24,000 level for the second consecutive session. Meanwhile, Cardano (ADA) and Solana (SOL) led the way down as August got off to a bearish start.
Amid the gloom, Ethereum (ETH) was a rare bright spot, gaining over 2.5% in the last 24 hours, which helped it to reclaim the $1,600 level.
In the absence of specific cues for the crypto market, investors kept a close watch on US economic indicators. Following a string of disappointing economic data such as the second successive decline in quarterly GDP and the steep fall in US job openings, the crypto market continued to remain weak.
The news of security breach at the Nomad token bridge that drained over $190 million of investor wealth also hurt market confidence.
Top gainers and losers
Ethereum Classic (ETC), Synthetix Network (SNX), and Ethereum Name (ENS) are the top gainers in today’s session, rising 10.33%, 8.81%, and 8.43%, respectively. Decentralized video delivery network Theta Network (THETA) which fell 10.61% and yesterday’s top gainer Chiliz (CHZ), which dropped 10.25%, are the laggards.
Meanwhile, the Crypto Fear and Greed index, a measure of market sentiment and volatility, recovered slightly and moved to 34 levels, improving from yesterday’s 31 levels.
Looking ahead, the market is expected to remain choppy because of the lack of triggers in the crypto market. Geopolitical developments, US economic data, and Nasdaq price action are likely to have a bearing on the crypto market in the near term.
