Crypto Market Daily Highlights – BNB and SOL Buck the Top Ten Trend

Bob Mason
Published: Oct 31, 2022, 01:38 GMT+00:00

It was a mixed Sunday session for the crypto market. DOGE saw red for the first time in six sessions as investors locked in profits from the week.

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Key Insights:

  • It was a mixed Sunday session for the crypto top ten, with binance coin (BNB) and solana (SOL) bucking the top ten trend.
  • Profit-taking likely left the crypto market in negative territory for the session as investors look ahead to Wednesday’s FOMC policy decision and press conference.
  • The crypto market cap fell by $9.2 billion to end the day at $972.4 billion.

It was a mixed Sunday session for the crypto top ten. Binance coin (BNB) and solana (SOL) bucked the top ten trend. BTC saw red for the first time in three sessions while avoiding sub-$20,000 for a fifth consecutive day.

Profit-taking likely contributed to the Sunday pullback, with no crypto event for investors to consider.

While hopes of a December Fed pivot delivered a bullish week, investor anxiety could creep in ahead of Wednesday’s FOMC interest rate decision and the all-important Fed Chair Powell press conference.

This morning, the markets continued to price in a 75-basis point Fed rate hike. However, there is some uncertainty over the Fed’s plans for December. While private sector PMIs, the housing sector, and consumer confidence numbers support a less hawkish Fed, labor market conditions, personal spending, and Q3 GDP numbers support more front-loading.

The FedWatch Tool has the probability of November and December rate hikes at 80.3% and 44.3%, respectively. One week ago, the likelihood of a 75-basis point hike in December stood at 45.6%.

Crypto market sensitivity to US economic indicators and the FED leaves the correlation with the NASDAQ 100 in place near term. This morning, the NASDAQ 100 Mini was down 52.5 points.

NASDAQ correlation.
Total Market Cap – NASDAQ – 311022 Daily Chart

Crypto Market Falls Short of $1 Trillion as Investors Lock in Profits

After a choppy start to the day, the crypto market rose to a mid-morning high of $996.5 billion. However, a late morning pullback and a bearish afternoon led the crypto market to a low of $962.3 billion.

The crypto ended the day at $972.4 billion, with late support reducing the deficit to $9.2 billion. Despite the Sunday loss, the crypto market rose by $74.1 billion in the week.

Crypto market sees red in a bullish week.
Total Market Cap 311022 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

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

BNB rose by 2.99% to lead the way, with SOL (+0.22%) also bucking the top ten trend.

However, ADA (-3.33%) and DOGE (-3.34%) led the way down, with BTC (-0.89%), ETH (-1.80%), and XRP (-2.73%) also seeing red.

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

Chiliz (CHZ) led the way, rallying by 15.14%, with the sandbox (SAND) and fantom (FTM) seeing gains of 6.02% and 5.43%, respectively.

However, klaytn (KLAY) led the way down, sliding by 15.90%, with holo (HOT) and lido DAO (LDO) seeing losses of 7.02% and 4.80%, respectively.

24-Hour Crypto Liquidations Slide Back in Range-Bound Session

Over 24 hours, total liquidations fell back to more normal levels. At the time of writing, 24-hour liquidations stood at $93.62 million, down from $567.38 million on Sunday morning.

Liquidated traders over the last 24 hours also tumbled. At the time of writing, liquidated traders stood at 60,216 versus 143,019 on Sunday morning. Liquidations were up over one and four hours while down over 12 hours.

Crypto liquidations slide.
Total Crypto Liquidations 311022

According to Coinglass, 12-hour liquidations fell from $137.74 million to $44.82 million. However, four-hour liquidations rose from $10.59 million to $14.88 million, with one-hour liquidations up from $2.30 million to $3.49 million.

The chart below shows market conditions throughout the session.

Crypto market sees bearish afternoon session.
Total Market Cap 311022 Hourly Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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