Crypto Market Daily Highlights – DOGE Bucks a Bearish Top Ten Trend

Bob Mason
Updated: Oct 28, 2022, 00:42 GMT+00:00

It was a mixed Thursday session for the crypto market. US economic indicators and corporate earnings tested buyer appetite after two bullish sessions.

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In this article:

Key Insights:

  • It was a mixed Thursday session for the crypto top ten, with dogecoin (DOGE) bucking the top ten trend.
  • US economic indicators and US corporate earnings ended a mid-week bullish streak.
  • The crypto market cap slid by $19.5 billion to $940.1 billion.

It was a mixed Thursday session for the crypto top ten. Dogecoin (DOGE) bucked the top ten trend, while ethereum (ETH) and cardano (ADA) led the way down. Notably, BTC came up short of $21,000 while wrapping up the session at $20,000 for the third consecutive session.

It was a busy Thursday session for the global financial markets. US Q3 GDP numbers drew interest alongside corporate earnings.

In Q3, the US economy expanded by 2.6% versus the 0.6% contraction in Q2. Economists forecast 2.4% growth. The better-than-expected headline figure delivered initial support before a crypto market pullback.

However, US corporate earnings had a more material impact. (AMZN) and Meta (META) delivered gloomy outlooks to leave the NASDAQ in the deep red. The NASDAQ 100 fell by 1.63% on Thursday.

Later today, US economic indicators will be back in the spotlight. Inflation, personal spending, and consumer sentiment will give the markets further clues on what to expect from the Fed. This morning, the NASDAQ 100 mini was down 92.25 points.

NASDAQ correlation
Total Market Cap – NASDAQ – 281022 Daily Chart

Crypto Market Hits Reverse in Response to US Stats and Earnings

A mixed start to the day saw the crypto market rise to an early morning high of $971.7 billion before sliding to a low of $933.1 billion.

While finding late support to wrap up the day at $940.1 billion, the total crypto market cap fell by $19.5 billion, leaving the market cap up $34.5 billion for October.

Crypto market hits reverse
Total Market Cap 281022 Daily Chart

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

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

DOGE bucked the top ten trend, gaining 5.82%.

However, it was a bearish session for the rest of the top ten.

ADA (-3.72%) and ETH (-3.34%) led the way down, with BNB (-1.24%), BTC (-2.35%), SOL (-2.25%), and XRP (-1.56%) also struggling.

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

Klaytn (KLAY) led the way, surging by 16.74%, with terraclassicUSD (USTC) and DOGE seeing gains of 0.57% and 5.82%, respectively.

However, toncoin (TON) led the way down, sliding by 15.41%, with ethereumPoW (ETHW) and casper (CSPR) seeing losses of 10.75% and 7.25%, respectively.

24-Hour Crypto Liquidations Slide as Crypto Market Hits Reverse

Over 24 hours, total liquidations fell back to normal levels. At the time of writing, 24-hour liquidations stood at $109.25 million, down from $746.96 million on Thursday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 53,890 versus 103,200 on Thursday morning. Liquidations were up over one and four hours while down over 12 hours.

Crypto liquidations return to normal levels.
Total Crypto Liquidations 281022

According to Coinglass, 12-hour liquidations fell from $416.18 million to $67.73 million. However, four-hour liquidations rose from $8.89 million to $35.57 million, with one-hour liquidations up from$1.47 million to $2.50 million.

The chart below shows market conditions throughout the session.

Crypto market struggled late in the day
Total Market Cap 281022 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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