Daily Crypto Market Highlights – SOL Snapped a Bullish Top Ten Trend

Key insights:

• It was a mixed Saturday session for the crypto top ten, with solana (SOL) receiving the top ten trend.
• A quiet session left the broader market spectrum, with less hawkish FOMC member talk from Friday continuing to provide support.
• The crypto market capitalization rose by $3.7 billion to $880.3 billion, reducing the deficit for October to $26 billion.

It was a mixed Saturday session for the crypto top ten. Solana (SOL) bucked the top ten trend, while ETH and XRP led the way. Despite the bullish session, BTC fell below $20,000 for the fifteenth day in a row while avoiding below $19,000.

A lack of external market forces let investors digest the FOMC member talk from Friday.

Reports of FOMC members planning to discuss a smaller interest rate hike in December raised hopes for an end to the aggressive policy moves to bring inflation to target.

On Friday, FOMC member Mary Daly said it is time to consider easing back, which should avoid sending the economy into a Fed-driven recession. US Treasury Secretary and former Federal Reserve Chair Janet Yellen also delivered crypto-friendly comments. Yellen saw no evidence that inflation was becoming embedded in the US economy.

Friday’s chatter eased bets on a 75 basis point rate hike in December. According to the FedWatch Tool, the probability of a rate hike of 75 basis points in December is 45.6%, down from 75.4% on Thursday.

The falling bets on a hawkish December move are crypto-positive. But with the FOMC in its blackout period, economic data could deliver uncertainty on Monday. US private sector PMIs for October will attract a lot of interest. Upbeat headline and subcomponent numbers could fuel expectations of a 75 basis point increase in December.

Earlier in the Monday session, third quarter GDP figures from China will also draw interest. However, we expect the NASDAQ 100 Mini to set the tone in the final hour of today’s session (UTC). The decline in expectations for a hawkish December move suggests a bullish start to the week.

The crypto market is aiming for a third consecutive gain after a bullish Saturday

A mixed start to the day saw the crypto market fall to an early morning low of $872.4 billion. But after finding support throughout the morning, the crypto market rose to a high of $884.9 billion in the early afternoon before retreating.

Despite the pullback, the crypto market rose by $3.7 billion to end the day at $880.3 billion. A second consecutive gain put the crypto market down $26 billion for October.

Although there is a bearish start to the Sunday session, a third consecutive bullish session will be the first since September 12, the day before the US CPI report for August.

Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a mixed Saturday session for the crypto top ten.

ETH (+1.08%) and XRP (+0.94%) led the way, with gains of 1.08% and 0.94% respectively.

ADA (+0.57%), BNB (+0.11%), BTC (+0.23%) and DOGE (+0.63%) saw modest gains, while SOL (-0.35%) turned off on the top ten trend.

From the CoinMarketCap top 100, it was a mixed session.

Aptos (APT) and huobi token (HT) led the way, rising 19.84% and 14.83% respectively. Ethereum PoW (ETHW) was also a frontrunner, gaining 8.89%.

Chain (XCN) and quant (QNT) led the way down, falling 7.46% and 5.50% respectively. Casper (CSPR) also struggled, falling 3.85%.

24-hour crypto liquidations slide in second bullish session.

Within 24 hours, total liquidations fell back after another bullish crypto session. At the time of writing, 24-hour liquidations stood at $22.82 million, down from $85.58 million on Saturday morning.

Liquidated traders have also declined in the last 24 hours. At the time of writing, liquidated traders stood at 15,691 against 40,849 on Saturday morning. Liquidations were down over one and four hours and over 12 hours.

According to Coinglass, 12-hour liquidations fell from $58.98 million to $14.29 million, with four-hour liquidations down from $4.26 million to $1.76 million. One-hour liquidation fell from $0.658 million to $0.620 million.

The chart below shows market conditions throughout the session.