Crypto Market Daily Highlights – DOGE Leads for a Third Session

Key Insights:

• It was a bullish Friday session for the crypto top ten, with dogecoin (DOGE) leading the top 100 for the second time this week.
• US economic indicators and US corporate earnings delivered a bullish Friday session.
• The crypto market cap rose by $19.5 billion to $959.6 billion.

It was a bullish Friday session for the crypto top ten. Dogecoin (DOGE) led the way for a third consecutive session. Notably, BTC fell short of $21,000 for the second session while ending the day at $20,000 for the fourth successive day.

US economic indicators delivered much-needed support, with the crypto market in negative territory through the morning session.

The Core PCE Price Index reflected a pickup in inflationary pressure, rising by 5.1% year-over-year versus 4.9% in August. The numbers led the crypto market to a session low before investors responded to personal spending and wage growth figures that were crypto-friendly.

In September, personal spending increased by another 0.6% versus forecasts of a 0.4% rise. More importantly, the Employment Wages Index increased by 1.3% in Q3, which was softer than a 1.4% rise in the previous quarter.

Following the stats, the FedWatch Tool had the probability of November and December rate hikes at 81.3% and 44.9%, respectively. One week ago, the likelihood of a 75-basis point hike in December stood at 45.6%.

NASDAQ 100 rallied by 2.87% in response to the stats.

Crypto Market Jumps as Investors React to Fed Pivot-Friendly US Stats

A bearish start to the day saw the crypto market slide to a mid-day low of $925.82 billion. However, responding to US economic indicators, the crypto market rallied to a late high of $969.4 billion before easing back.

While easing back to wrap up the day at $959.6 billion, the total crypto market cap rose by $19.5 billion, taking the market cap up $54.0 billion for October.

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

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

DOGE led the way, rallying by 9.08%, with ADA (+4.38%), BNB (+3.91%), and SOL (+4.85%) enjoying breakout sessions.

BTC (1.53%), ETH (+2.69%), and XRP (+2.66%) trailed the front-runners, however.

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

Dogecoin (DOGE) and shiba inu coin (SHIB) led the way, with gains of 9.08% and 10.06%, respectively. Avalanche (AVAX) was also a front-runner, rising by 8.61%.

However, aptos (APT) and casper (CSPR) slid by 5.86% and 6.03%, respectively, to lead the way down. BinaryX (BNX) fell by 4.38%.

24-Hour Crypto Liquidations Fall as Market Reacts to US Stats

Over 24 hours, total liquidations fell to below-normal levels. At the time of writing, 24-hour liquidations stood at $99.59 million, down from $109.25 million on Friday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 44,511 versus 53,890 on Friday morning. Liquidations were down over one and four hours and over 12 hours.

According to Coinglass, 12-hour liquidations fell from $67.73 million to $63.42 million, with four-hour liquidations falling from $35.57 million to $4.68 million. One-hour liquidations declined from $2.50 million to $1.26 million.

The chart below shows market conditions throughout the session.