Daily Crypto Market Highlights – ETH Leads Mixed Top Ten Session

Key insights:

• It’s a mixed end to the week for the crypto top ten, with 90 minutes (UTC) remaining in the session. XRP bucks a bullish top-ten trend.
• There were no events to influence, allowing dip buyers to jump in after four sessions in the red from six.
• The crypto market cap is up $10.2 billion to $886.5 billion, leaving the market down $19 billion for the week.

It’s a mixed Sunday session for crypto top ten. XRP bucks the top ten trend, while ETH leads the rest of the majors. BTC slips below $20,000 for a ninth consecutive session, while avoiding a return to below $19,000.

There were no crypto events to provide direction, allowing dip buyers to jump in at depressed price levels. Prior to Sunday’s session, the crypto market had fallen in four of the six sessions. Rising bets on 75 basis point Fed rate hikes in November and December weighed on riskier assets.

As of this morning, the probability of a 75 basis point increase in November was 99.4% and 66.7% for December. Last week, the odds of a 75 basis point increase in November and December were 81.1% and 23.4% respectively. However, the probability of a December hike of 75 basis points eased from 69.8% on Friday.

With the crypto market in the hands of the Fed and US economic indicators, we expect the correlation with the NASDAQ 100 to continue. Later today, NEW Empire State Manufacturing figures for October will draw interest.

Last week, FOMC meeting minutes revealed that some members are willing to ease the pace of rate hikes if economic indicators reflect cracks in the economy. This is reflected in the increased sensitivity of the latest ISM Manufacturing PMI survey.

The crypto market rises for the third time in seven sessions

Range-bound through the morning, the crypto market rallied from an early low of $876.2 billion to a mid-morning high of $882.4 billion before falling back below $880 billion. However, a bullish end to the Sunday session saw the crypto market jump to a late high of $891.2 billion before retreating.

With 90 minutes left in the session (UTC), the crypto market is up $10.2 billion (1.17%) to $886.5 billion. Market value is down $19 billion (-2.1%) for the week.

Crypto Market Movers and Shakers from the Top Ten and Beyond

It’s a mixed Sunday session for crypto top ten.

Bucking the broader market trend, XRP is down 1.02%.

However, it was a bullish session for the rest of the top ten.

ETH leads the way, rising 2.47%, with ADA (+1.65%), BNB (+1.83%) and SOL (+1.90%) close behind.

BTC (+1.27%) and DOGE (+0.58%) follow the front runners.

From the CoinMarketCap top 100, it’s a mixed session.

Casper (CSPR) leads the way, up 17.02%, with synthetix (SNX) and waves (WAVES) up 11.92% and 8.25%, respectively.

However, Huobi Token (HT) leads the way, falling 5.32%. TerraclassicUSD (USTC) and NEM (XEM) are down 2.35% and 2.39% respectively.

24-hour crypto liquidations hold steady in a mixed session

Over 24 hours, total liquidations have risen despite a bullish crypto session, with a choppy afternoon session driving liquidations higher. At the time of writing, 24-hour liquidations stood at $39.69 million, compared to $32.79 million on Monday morning.

Liquidated traders in the last 24 hours remained stable. At the time of writing, liquidated traders stood at 17,659 against 17,869 on Sunday morning. Liquidations were up over 12 and four hours, while down over an hour.

According to Coinglass, 12-hour liquidations rose from $21.08 million to $22.50 million, with four-hour liquidations up from $13.83 million to $17.67 million. However, one-hour liquidation fell from $11.20 million to $6.17 million.

The chart below shows market conditions throughout the session.