Crypto Market Daily Highlights – ETH and XRP Led the Top Ten Breakout

Bob Mason
Published: Oct 4, 2022, 02:16 UTC

Following Monday's breakout session, the market focus will now shift to US JOLTs job openings to provide the crypto market with direction.

ETH and BTC - technical analysis - FX Empire

Key Insights:

  • It was a bullish Monday for the crypto top ten, with ethereum (ETH) leading the way.
  • Weak ISM Manufacturing PMI and components delivered the NASDAQ 100 and the crypto market much-needed support.
  • The bullish session led the crypto market cap up $21.3 billion to $906.0 billion.

It was a bullish Monday session for the crypto top ten. ETH led the way, with XRP also finding strong support. However, BTC fell short of $20,000 despite the bullish session.

US economic indicators delivered much-needed support. In September, the ISM Manufacturing PMI fell from 52.8 to 50.9. While the sector continued to expand, the employment and new order sub-components eased bets of another 75-basis point Fed rate hike.

The Employment Index fell from 54.2 to 48.7, with the New Orders Index sliding from 51.3 to 47.1.

On Monday, the NASDAQ 100 rallied by 2.27%, supported by the market reaction to the ISM survey-based numbers. This morning, the NASDAQ 100 Mini was up 84.75 points.

Later today, US JOLTs job openings for August and Fed member chatter will provide the NASDAQ and the crypto market with direction.

NASDAQ correlation.
Total Market Cap – NASDAQ – 041022 5 Minute Chart

Crypto Market Ends a Four-Day Losing Streak

On Monday, the crypto market slid to an early low of $877.1 billion before surging to a high of $911.3 billion. While easing back from the day’s high, the market cap rose by $21.3 billion to end the day at $906.0 billion.

Importantly, a three-day losing streak came to an end, as investors eased bets of a hawkish Fed rate hike in November.

Crypto market ends 3-day losing streak.
Total Market Cap 041022 Daily Chart

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

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

ETH led the way, rising by 3.62%, with XRP (+3.21%), BTC (+2.96%), and SOL (+2.62%) close behind.

ADA (+2.15%), BNB (+0.84%), DOGE (+1.77%) trailed the front runners, however.

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

THORChain (RUNE) led the way, rising by 6.56%, with Lido DAO (LDO) and Uniswap (UNI) seeing gains of 6.41% and 6.04%, respectively.

Terra Classic (LUNC) fell by 4.93%, with Stellar’s Lumen (XLM) and Reserve Rights (RSR) seeing losses of 1.42% and 1.49%, respectively.

24-Hour Crypto Liquidations Slide on Bullish Session

Over 24 hours, total liquidations slid on Monday, with the US ISM Manufacturing PMI delivering strong crypto market support. At the time of writing, 24-hour liquidations stood at $45.45 million, down from $76.05 million on Monday morning.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 20,263 versus 31,321 on Monday morning. Liquidations were down over one hour, four, and twelve hours.

Crypto liquidations subside.
Total Crypto Liquidations 041022

According to Coinglass, 12-hour liquidations stood at $29.66 million, down from $43.47 million on Monday morning, with four-hour liquidations down from $32,47 million to $5.00 million. One-hour liquidations were down from $28.73 million to $1.64 million.

The chart below shows market conditions throughout the session.

Crypto market bullish session eases liquidation numbers.
Total Market Cap 041022 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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