Crypto Market Daily Highlights – DOGE and ETH Led a Bullish Top Ten

Bob Mason
Updated: Dec 5, 2022, 00:48 UTC

After a bullish end to the week, it could be a choppy session for the crypto market, with US economic indicators and regulator chatter in focus.

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In this article:

Key Insights:

  • It was a bullish end to the week for the crypto top ten, with DOGE and ETH leading the way.
  • Dip buyers delivered much-needed support as investors monitor recent regulator chatter and look toward this week’s US economic indicators.
  • The crypto market cap rose by $12.3 billion to end the week at $814.6 billion.

It was a bullish Sunday session for the crypto top ten. DOGE and ETH led the way, with BTC wrapping up the day at $17,000. Notably, BTC ended the day at $17,000 for the third time in five sessions.

There were no crypto events to provide market support on Sunday. Dip buyers likely jumped in following Saturday’s reversal. FTX contagion risk continues to subside while regulatory risk remains a crypto headwind.

Today, US economic indicators will influence the NASDAQ Composite Index and the crypto market. For the crypto market, updates from FTX debtors will need monitoring. Hopes of creditors avoiding material losses have delivered market support at current levels.

US economic indicators include factory orders and the all-important ISM Non-Manufacturing PMI. Following the crypto market sensitivity to last week’s ISM Manufacturing PMI, we expect more influence from the Non-Manufacturing PMI. Weak numbers may support a less hawkish Fed but would also fuel fears of a US economic recession.

This morning, the NASDAQ mini was down 14.25 points.

NASDAQ correlation.
Total Market Cap – NASDAQ – 051222 Daily Chart

Crypto Market Bounces Back on Lighter Trading Volumes

On Sunday, the crypto market cap slipped to an early morning low of $800.1 billion before striking a final-hour high of $819.4 billion.

However, a late pullback left the market cap at $814.6 billion, a gain of $12.3 billion on the day. The bullish end to the week reversed earlier losses to end the week up $3.13 billion.

Crypto market cap ends the week in positive territory
Total Market Cap 051222 Daily Chart

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

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

DOGE and ETH led the way, rising by 4.51% and 3.12%, respectively.

ADA (+0.63%), BNB (+0.45%), BTC (+1.41%), MATIC (+2.27%), and XRP (+0.60%) also found support.

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

Celo (CELO) led the way, surging by 19.86%, with ethereumPoW (ETHW) and immutableX (IMX) seeing gains of 8.61% and 5.27%, respectively.

However, monero (XMR) led the way down, falling by 2.11%, with chain (XCN) and tron (TRX) seeing losses of 1.32% and 0.92%, respectively.

24-Hour Liquidations Fell Further with Trading Volumes Lighter

Over 24 hours, total liquidations remained below-normal levels, with trading volumes lighter over the weekend.

At the time of writing, 24-hour liquidations stood at $24.56 million versus $36.80 million on Sunday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 10,230 versus 11,509 on Sunday morning. Liquidations were down over 12 and four hours and one hour.

Crypto liquidations slide.
Total Crypto Liquidations 051222

According to Coinglass, 12-hour liquidations fell from $27.15 million to $12,73 million, with four-hour liquidations down from $19.04 million to $2.72 million. One-hour liquidations slipped from $1.59 million to $1.57 million.

The chart below shows market conditions throughout the session.

Crypto market sees bearish turn of the day.
Total Market Cap 051222 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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