Crypto Market Daily Highlights – DOGE Leads Bullish Top Ten Session
- It was a mixed Friday session for the crypto top ten, with DOGE leading XRP and SOL.
- The crypto market decoupled from the NASDAQ 100 for a second consecutive session, despite fears of a global recession.
- The total crypto market cap rose by $1.16 billion to $905.6 billion.
It was a mixed Friday session for the crypto top ten. DOGE led the way, with XRP and SOL close behind. However, BTC bucked the top ten trend to join the NASDAQ in the red. Significantly, BTC fell short of $20,000 for a fifth consecutive session.
The breakout session for DOGE came on news of a jump in DOGE addresses holding between 100 million and 1 billion over 7-days. Investors also responded favorably to Ethereum co-founder Vitalik Buterin saying that Dogecoin should move to the Proof-of-Stake (PoS) protocol.
For the broader crypto market, better-than-expected US private sector PMI numbers initially sent the market into the red before a post-stat rebound.
In September, the Manufacturing PMI rose from 51.5 to 51.8, with the Services PMI up from 43.7 to 49.2. Significantly, the numbers showed the US economy diverging from the Eurozone and the UK economies. The US composite PMI rose from 43.7 to 49.2. By contrast, the Eurozone composite fell from 48.9 to 48.4 and the UK composite from 49.6 to 48.4.
Weakening currencies amidst a gloomy economic backdrop may have fueled demand for cryptos as the Dollar’s dominance strengthens.
However, despite the better-than-expected US PMIs, the NASDAQ 100 fell by 1.80%. PMIs from the Eurozone and the UK raised fears of a global recession. The weak numbers and central banks committed to bringing inflation to target remain the bearish theme, which could thaw the crypto market out of the Crypto Winter.
Crypto Market Decouples from the NASDAQ for a Second Session
On Friday, the crypto market cap rose to a pre-Eurozone and member state PMI high of $921.21 billion. The PMIs from Europe and the US sent the crypto market cap to a low of $870.6 billion before a late rebound.
On Friday, the crypto market cap increased by $1.16 billion to $905.64 billion. However, the crypto market was down $48 billion for September.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a mixed Friday session for the crypto top ten.
From the CoinMarketCap top 100, it is a bullish session.
24-HourCrypto Liquidations Rise on Recession Fears
Over 24 hours, total liquidations increased despite the crypto market decoupling from the NASDAQ 100 for a second session.
At the time of writing, 24-hour liquidations stood at $147.92 million, up from $110.35 million on Friday morning.
Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 63,896, up from 38,827 on Friday morning.
Liquidations over four and twelve hours were up, while one-hour liquidations decreased.
According to Coinglass, 12-hour liquidations stood at $81.53 million, up from $65.30 million on Friday morning, with four-hour liquidations rising from $24.70 million to $32.29 million. However, one-hour liquidations decreased from $6.44 million to $4.52 million, reflecting late support. The chart below shows market conditions throughout the session.