Crypto Market Daily Highlights – BTC and DOGE Lead the Top Ten

Key Insights:

• It was a bullish Friday session for the crypto top ten, with BTC and DOGE leading the charge.
• US economic indicators, corporate earnings, and easing FTX contagion extended the crypto market winning streak to six sessions.
• The crypto market cap rose by $33.28 billion to end the day at $896.84 billion.

It was a bullish session for the crypto top ten on Friday. BTC and DOGE led the top ten by market cap. Notably, BTC visited $20,000 for the first time since November 8 and the collapse of FTX.

On Friday, the US economic calendar and US corporate earnings extended the crypto market winning streak to six sessions.

Consumer sentiment supported riskier assets on Friday following the softer inflation and steady jobless claims figures on Thursday.

According to prelim figures, the Michigan Consumer Sentiment Index rose from 59.7 to 64.6 in January versus a forecasted 60.5. Significantly, the inflation expectations Index fell from 4.4% to 4.0%, its lowest level since June 2021.

JPMorgan Chase (JPM), Citigroup (C), and Bank of America (BAC) added to the bullish mood. JPMorgan and Bank of America beat earnings estimates, while Citigroup fell short.

After news of Goldman Sachs beginning a cost-cutting exercise, including lay-offs, JPM and BAC announced plans to continue hiring, which was also market positive. However, investors were cautious, with the banks likely to provide further guidance on forecast expectations for the year ahead.

On Friday, the NASDAQ Composite Index rose by 0.71%, with the S&P500 gaining 0.40%.

Crypto market news continued to drive buyer appetite on Friday. Investors responded further to the reports of FTX holding $5 billion in cash and cash equivalents and $4.6 billion in nonstrategic investments that could make FTX creditors whole.

Today, there are no external market forces to guide investors. Bullish sentiment from the week will likely continue through the early part of the day. However, the market could succumb to profit-taking, with several crypto market headwinds, including regulatory risk, lingering.

Crypto Market Extends Winning Streak to Six Sessions

It was a bullish Friday session. Range-bound through the morning, the crypto market cap fell to an early low of $855.58 billion. However, finding support through the afternoon session, the crypto market cap rose to a high of $902.83 billion before easing back.

Despite the pullback, the crypto market cap ended the session at $896.84 billion, marking a $33.28 billion gain for the day.

Notably, the crypto market cap visited $900 billion for the first time since the collapse of FTX.

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

It was a bullish Friday session for the crypto top ten.

BTC and DOGE rallied by 5.70% and 5.74%, respectively, to lead the way, with ADA (+4.85%) close behind.

BNB (+2.08%), ETH (+2.52%), MATIC (+1.58%), and XRP (+2.86%) also made solid gains.

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

Decentraland (MANA) and gala (GALA) led the way, with gains of 28.98% and 25.38%, respectively. The sandbox (SAND) was also a front-runner, rising by 17.21%.

Litecoin (LTC) was the worst performer, rising by just 0.19%, with ImmutableX (IMX) and cosmos (ATOM) seeing gains of 1.80% and 1.04%, respectively.

24-Hour Liquidations Eased Back as Market Bets Turn Bullish

Over 24 hours, crypto liquidations eased back from the Thursday spike, with market bets turning bullish. At the time of writing, 24-hour liquidations stood at $190.59 million versus $262.22 million on Friday morning.

Liquidated traders over the last 24 hours were marginally lower. At the time of writing, liquidated traders stood at $47,209 versus 47,582 on Friday morning. Crypto liquidations were lower over 12 hours while higher over four hours and one hour.

According to Coinglass, 12-hour liquidations stood at $161.06 million, down from $183.98 million on Friday. However, four-hour liquidations jumped from $16.82 million to $118.09 million, with one-hour liquidations up from $1.09 million to $7.77 million.

The chart below shows market conditions throughout the session.