Crypto Market Daily Highlights – BNB Led a Top Ten Mixed Session

Key Insights:

• It was a mixed Saturday session for the crypto top ten. BNB led the way, while XRP gave up some of Friday’s gains.
• Trading volumes continued the downward trend during the US Thanksgiving holidays, leaving investors with little direction.
• The crypto market cap rose by a modest $1.9 billion to end the day at $790.8 billion.

It was a mixed Saturday session for the crypto top ten. XRP led the way down while BNB enjoyed a breakout session. However, BTC had another range-bound session, moving within a $308 range. Notably, BTC avoided sub-$16,000 for a fourth consecutive session.

Trading volumes continued to fall over the Thanksgiving holidays, leaving the broader crypto market to move sideways. Adding to the lower volumes was likely investor wait-and-see sentiment before FTX updates hit the news on Monday.

In another quiet crypto session, there were no updates on FTX to provide direction nor cues from the NASDAQ Composite Index. However, uncertainty over the extent of the fallout from the FTX collapse continued to leave investors on the sidelines.

The crypto market remains at risk of another sharp decline in the event of an FTX-fueled crypto exchange collapse. However, FTX assets, including the $1.24 billion cash reserve, will cushion the blow, which has delivered BTC price support at $16,000.

After three quiet sessions, with the downward trend in trading volumes, the NASDAQ mini could reignite interest in the final hour of today’s session. The crypto market has recoupled with the NASDAQ Composite Index after the FTX-forced decoupling earlier in the month.

Crypto Market Moves Sideways Over Thanksgiving Holidays

It is a relatively choppy Saturday session. The crypto market rose to an early afternoon high of $807.6 billion before sliding to a late low of $784.5 billion.

However, finding late support, the crypto market wrapped up the day in positive territory, rising by $1.9 billion to end the session at $790.8 billion. The modest gain left the market down $181 billion for November.

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

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

BNB rallied by 3.53% to lead the way, with ETH (+0.51%) and MATIC (+0.20%) also finding support.

However, XRP led the way down, sliding by 2.93%, with BTC (-0.36%) and DOGE (-0.34%) ending the day in negative territory. ADA ended the day flat.

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

Apecoin (APE) led the way, rallying by 10.56%, with aptos (APT) and huobi token (HT) seeing gains of 7.45% and 6.67%, respectively.

However, binaryX (BNX) and GMX (GMX) ended the day with losses of 4.64% and 4.38%, respectively. Trust wallet token (TWT) fell by 3.95%.

24-Hour Liquidations Remained at Low Levels as Trading Volumes Fall

Over 24 hours, total liquidations slipped to lower levels amid lighter trading volumes. At the time of writing, 24-hour liquidations stood at $41.75 million versus $45.76 million on Saturday morning.

Liquidated traders over the last 24 hours also held steady. At the time of writing, liquidated traders stood at 15,290 versus 15,477 on Saturday morning. However, liquidations were up over 12 and four hours while down over one hour.

According to Coinglass, 12-hour liquidations rose from $16.36 million to $23.67 million, with four-hour liquidations up from $5.14 million to $6.96 million. One-hour liquidations fell from $2.27 million to $0.632 million.

The chart below shows market conditions throughout the session.