Crypto Market Daily Highlights – DOGE Led the Way While XRP Ends Flat

Key Insights:

• It was a mixed Tuesday session for the crypto top ten, with dogecoin (DOGE) leading the way and ETH avoiding the red.
• While updates from the SEC v Ripple case continued to limit the downside for XRP, Fed fear tested investor appetite.
• The crypto market cap rose by $0.455 billion to end the day at $972.4 billion.

It was a mixed Tuesday session for the crypto top ten. Dogecoin (DOGE) led the way, with ETH finding support to buck the top ten trend. However, BTC saw red for the third time in five sessions while avoiding sub-$20,000 for a seventh consecutive day.

US economic indicators tested support for riskier assets, with better-than-expected labor market stats weighing.

In September, job openings increased from 10.280 million to 10.717 million, reflecting solid labor market conditions. Economists forecast a fall to 10.000 million. The ISM Manufacturing PMI survey also reported improved labor market conditions. The ISM Manufacturing Employment Index rose from 48.7 to 50.0.

However, manufacturing sector activity stalled in October, another crack in the US economy. The ISM Manufacturing PMI slipped from 50.9 to 50.2.

With the markets focusing on today’s FOMC monetary policy decision and press conference, the numbers delivered uncertainty over the Fed’s December plans. The NASDAQ Composite Index fell by 0.89%, with the S&P 500 falling by 0.41%.

Today, ADP nonfarm employment change numbers will influence ahead of the main event. The FOMC interest rate decision and press conference will have a material impact on the US equity and crypto markets.

In recent weeks, bets of a December Fed pivot have delivered riskier assets with much-needed support. Talk of a hawkish December move will test buyer appetite.

This morning, the FedWatch Tool had the probability of November and December rate hikes at 84.1% and 50.4%, respectively. One week ago, the likelihood of a 75-basis point hike in December stood at 50.8%.

Crypto market sensitivity to US economic indicators and the FED leaves the correlation with the NASDAQ Composite Index in place near term. This morning, the NASDAQ 100 Mini was up 12.25 points.

Crypto Market Starts November Flat as Investors Await the Fed

It was a choppy start to the month, with the crypto market rising to a late-morning high of $989.8 billion. A late morning sell-off saw the crypto market slide to an early afternoon low of $960.9 billion. However, finding late support from the NASDAQ Mini, the market cap ended the day up $0.455 billion to $972.4 billion.

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

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

DOGE rallied by 12.03% to lead the way, with ETH (+0.35%) also finding support.

However, ADA (-1.23%), BNB (-0.58%), BTC (-0.04%), SOL (-1.08%), and XRP (-0.18%) saw modest losses.

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

Dogecoin (DOGE) led the way, with toncoin (TON) and shiba inu coin (SHIB) seeing gains of 9.57% and 3.30%, respectively.

However, klaytn (KLAY) fell by 5.22%, with EthereumPoW (ETHW) and apecoin (APE) seeing losses of 5.61% and 4.81%, respectively.

24-Hour Crypto Liquidations Slide in Pre-Fed Build Up

Over 24 hours, total liquidations fell to below-normal levels. At the time of writing, 24-hour liquidations stood at $77.36 million, down from $114.39 million on Tuesday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 37,650 versus 48,852 on Tuesday morning. Liquidations were down over 12 and four hours while up over one hour.

According to Coinglass, 12-hour liquidations fell from $68.54 million to $29.47 million, with four-hour liquidations down from $5.43 million to $4.93 million. One-hour liquidations increased from $1.18 million to $2.89 million.

The chart below shows market conditions throughout the session.