Crypto Market Daily Highlights – DOGE and BNB Bucked the Top Ten Trend

Key Insights:

• It was a mixed Friday for the crypto top ten, with dogecoin (DOGE) bucking the top ten trend.
• The crypto market recoupled from the NASDAQ 100, which fell for a third consecutive quarter on Fed and recession fears.
• A mixed session left the total market cap down $48 billion for the session while up $40 billion for the quarter.

It was a mixed Friday session for the crypto top ten. DOGE bucked the top tend trend. However, BTC extended its losing streak to four quarters with a bearish Friday session. Despite the bearish session, BTC revisited $20,000 for just the second time in twelve sessions.

On Friday, the crypto market tracked the NASDAQ 100 into the red, with US inflation weighing.

The NASDAQ 100 fell by 1.51% to end the Q3 with a 4.11% loss.

Fed fear resurfaced at the end of the week, with US inflationary pressures picking up in August. The Core PCE Price Index increased by 4.9%, up from 4.7% in July.

Softer consumer sentiment figures for September provided brief relief before the crypto market and the NASDAQ reversed session gains. In September, the Michigan Consumer Sentiment Index rose from 58.2 to 58.6, down from a prelim 59.5.

Fed Fear and market jitters over a recession led the NASDAQ 100 to a third consecutive quarterly loss, the longest losing streak since the Global Financial Crisis. The correlation between the crypto market and the NASDAQ was evident throughout the three quarters of the year.

However, a brief post-Fed policy decision decoupling from the NASDAQ 100 delivered the quarterly rise for the broader crypto market.

Crypto Market Ends the Third Quarter on a Bearish Note

On Friday, the crypto market fell to a mid-day low of $893.3 billion before rising to a high of $933.13 billion. However, a bearish end to the Friday session saw the market cap slide back to sub-$900 billion before steadying.

Market reaction to the US inflation numbers reignited Fed fear, leaving the market in the red for the session. The bearish Friday session left the crypto market cap down $48.4 billion for September. However, the market cap rose by $39.8 billion in the third quarter.

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

It is a mixed Friday session for the crypto top ten.

DOGE and BNB rose by 1.29% and 0.21%, respectively, to buck the top ten trend.

However, SOL reversed Thursday’s 2.11% gain with a 2.00% loss to lead the way down.

XRP (-1.42%) also struggled while ADA (-0.68%), BTC (-0.81%), and ETH (-0.53%) saw relatively modest losses.

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

Terra Classic (LUNC) led the way, rallying by 9.58%, with Quant (QNT) and Helium (HNT) seeing gains of 5.78% and 5.30%, respectively.

However, Chainlink (LINK) led the way down, falling by 4.03%, with Celsius (CEL) and Pancake Swap (CAKE) seeing losses of 3.72% and 3.21%, respectively.

24-Hour Crypto Liquidations Holds Steady Despite Bearish Session

Over 24 hours, total liquidations held steady during the Friday session, despite a pickup in US inflationary pressure. At the time of writing, 24-hour liquidations stood at $92.79 million, up from $91.62 million on Friday morning.

Liquidated traders over the last 24 hours also inched higher. At the time of writing, liquidated traders stood at 28,614 versus 28,061 on Friday morning. Liquidations were down over twelve hours and the final hour of the day (UTC) while up over four hours.

According to Coinglass, 12-hour liquidations stood at $66.05 million, down from $70.50 million on Friday morning, with one-hour liquidations down from $1.97 million to $0.563 million. However, four-hour liquidations were up from $10.46 million to $14.90 million.

The chart below shows market conditions throughout the session.