Crypto Market Daily Highlights: DOGE Led a Mixed Top Ten Session
Key Insights:
- It was a mixed Saturday session for the crypto top ten, with DOGE and ETH bucking a bearish top ten trend.
- There were no external market forces to influence, leaving investors to consider the possible effects of the US jobs report on Fed monetary policy.
- The crypto market cap slipped by $0.642 billion to end the day at $1,036 billion.
It was a mixed session for the crypto top ten on Saturday. DOGE and ETH bucked a bearish top-ten trend while SOL and ADA struggled. BTC avoided a return to sub-$23,000 for a third consecutive session.
There were no external market forces to guide investors on Saturday, leaving Friday’s US Jobs Report and the ISM Non-Manufacturing PMI numbers to test the theory of a Fed pivot.
A 517k surge in nonfarm payrolls left the US unemployment rate at 3.4%, well below the Fed’s 5% mandate. Wage growth softened but remained elevated, giving the Fed bulls reason to push for a 50-basis point interest rate hike in March. Service sector activity rebounded, removing fears of a recession.
It will likely come down to the January CPI report, which will be out on February 14. However, corporate earnings could influence. Gloomy outlooks from Amazon.com (AMZN), Apple (AAPL), and Alphabet (GOOGL) will add to the uncertainty, which will lead to greater sensitivity to FOMC member chatter in the coming weeks.
Following the NASDAQ loss on Friday, we expect the NASDAQ mini to influence in the final hour (UTC) of today’s session.
Crypto Market Avoids Sub-$1 billion for the Third Day
It was a mixed Saturday session. A bearish start to the day saw the crypto market cap fall to a mid-morning low of $1,025 billion. Following a late morning recovery, the crypto market cap rose to an early afternoon high of $1,052 billion before easing back.
The late pullback left the crypto market cap at $1,036 billion, marking a modest $0.672 billion loss on the day.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a mixed session for the crypto top ten.
DOGE and ETH bucked the broader market trend, with gains of 3.34% and 0.19%, respectively.
However, SOL and ADA led the way down, with losses of 1.42% and 1.24%, respectively.
BNB (-0.54%), BTC (-0.50%), and XRP (-0.28%) saw relatively modest losses.
From the CoinMarketCap top 100, it was a mixed session.
The Graph (GRT) and shiba inu (SHIB) rallied by 14.58% and 15.81% to lead the way, with casper (CSPR) rising by 8.78%.
However, lido DAO (LDO) fell by 6.13%, with frax shares (FXS) and mina (MINA) seeing losses of 5.39% and 5.53%, respectively.
24-Hour Liquidations Sit at Below Normal Levels on Range-Bound Session
Over 24 hours, crypto liquidations sat below normal levels following a range-bound session. Long positions had a marginally higher share of liquidations, accounting for 50.84% of total liquidations. At the time of writing, 24-hour liquidations stood at $43.93 million.
Liquidated traders over the last 24 hours were also below normal levels. At the time of writing, liquidated traders stood at 19,621. Crypto liquidations were lower over 12 and four hours while at higher levels over one hour.
According to Coinglass, 12-hour liquidations stood at $43.93 million, with four-hour liquidations at $29.70 million. However, one-hour liquidations stood at an elevated $7.61 million due to a bearish turn of the day.
The chart below shows market conditions throughout the session.
