Crypto Market Daily Highlights – DOGE and ETH Lead the Top Ten
Key Insights:
- It was a bullish Tuesday session for the crypto top ten. DOGE led the way, with ETH returning to $1,200.
- Investor sentiment toward China eased, supporting a broad-based crypto rebound.
- The crypto market cap rose by $13.3 billion to end the day at $789.4 billion.
It was a bullish Tuesday session for the crypto top ten. DOGE led the way, with ETH also making a move. Despite the bullish sentiment, BTC fell short of $17,000 for a thirteenth consecutive session while avoiding sub-$16,000 for a seventh successive session.
US economic indicators failed to curtail the Tuesday rebound despite consumer confidence deteriorating. In November, the CB Consumer Confidence Index fell from 102.2 to 100.2.
However, while the crypto market enjoyed a bullish session, the NASDAQ Composite Index ended the day with a 0.59% loss. Apprehension ahead of today’s Fed Chair Powell speech weighed.
Easing jitters over China’s zero-COVID policy, supported by the Hang Seng and the CSI300, delivered the Tuesday crypto rebound. Easing FTX contagion risk also contributed, however.
Crypto Market Bounces Back as China Risk Aversion Abated
On Tuesday, the crypto market cap slid to an early low of $770.2 billion before rising to a late morning high of $800.1 billion.
Bullish sentiment throughout the morning session supported the market recovery of Monday’s losses.
However, a mixed afternoon session saw the market cap fall back to $785 before finding support. A bullish end to the session left the market cap up by $13.3 billion to $789.4 billion on the day.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a bullish Tuesday session for the crypto top ten.
DOGE led the way, rising by 6.74%, with ETH gaining 4.17%.
However, ADA (+0.98%), BNB (+0.65%), BTC (+1.48%), MATIC (+2.00%), and XRP (+2.36%) trailed the front runners.
From the CoinMarketCap top 100, it was a mixed session.
Huobi token (HT) led the way, rallying by 8.1%, with ETH and DOGE among the front runners.
However, binaryX (BNX) led the way down, falling by 2.92%, with kucoin token (KCS) and nexo (NEXO) seeing losses of 1.95% and 2.50%, respectively.
24-Hour Liquidations Eased on a Bullish Tuesday and Wednesday Morning
Over 24 hours, total liquidations slipped below normal levels. Sentiment towards China and FTX contagion delivered crypto market support, leading to the fall in liquidations.
At the time of writing, 24-hour liquidations stood at $73.29 million, down from $91.98 million on Tuesday morning.
Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 19,696 versus 34,626 on Tuesday morning. However, Liquidations were up over 12 and four hours and over one hour.
According to Coinglass, 12-hour liquidations rose from $30.63 million to $49.01 million, with four-hour liquidations up from $1.53 million to $37.42 million. One-hour liquidations jumped from $0.275 million $36.06 million.
The chart below shows market conditions throughout the session.
