Crypto Market Daily Highlights – ETH Extends Winning Streak to Nine

Key Insights:

• It was a mixed Monday session for the crypto top ten. MATIC led the way, while DOGE, BNB, and ADA saw red.
• A lack of direction from the NASDAQ Index left network updates to guide investors, with several cryptos succumbing to further profit-taking.
• The crypto market cap rose by $7.75 billion to end the day at $946.45 billion.

It was a mixed session for the crypto top ten on Monday. MATIC led the way, with ETH extending its winning streak to nine sessions. Notably, BTC revisited $21,000 for the third time since November 7 and the collapse of FTX.

On Monday, there were no external market forces to provide direction, leaving network updates and sentiment toward FTX contagion to provide broader market support.

Investor sentiment toward the Polygon hard fork and the Ethereum Shanghai hard fork contributed to the bullish session, with DeFi total value locked (TVL) trends adding to the bullish sentiment. According to DeFi Llama, the TVL stood at $45.29 billion this morning, up 1.40% over 24 hours and 16.9% year-to-date.

Today, US economic indicators and corporate earnings will provide riskier assets with direction. The New York Empire State Manufacturing Index and bank earnings will be in the spotlight. Goldman Sachs (GS) and Morgan Stanley (MS) will deliver earnings results today.

While the earnings and economic data will influence, investors should monitor FOMC member chatter. Talk of a 50-basis point interest rate hike or a pause on hikes would move the dial.

This morning, the NASDAQ mini was up 21.5 points.

Crypto Market Resumes Move Toward $1 Trillion

It was a choppy Monday session. A bullish start to the day saw the crypto market cap rise to an early high of $965.84 billion before hitting reverse. The reversal saw the crypto market cap slide to a mid-afternoon low of $921.40 billion. However, a bullish end to the day supported a return to $957.03 billion before easing back.

Despite the pullback, the crypto market cap ended the session at $946.45 billion, marking a $7.75 billion gain for the day.

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

It was a mixed session for the crypto top ten.

MATIC rallied by 3.79% to lead the way, with BTC (+1.51%) and ETH (+1.54%) finding support.

However, while XRP (+0.34%) trailed the front runners, ADA (-0.28%), BNB (-1.06%), and DOGE (-2.79%) saw red.

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

Celo (CELO) rallied by 14.12% to lead the way, with convex finance (CVX) and cronos (CRO) seeing gains of 8.87% and 8.61%, respectively.

However, gala (GALA) and dash (DASH) fell by 4.66% and 4.60%, respectively, with lido DAO (LDO) ending the day with a 4.57% loss.

24-Hour Liquidations Spiked in a Choppy Monday Session

Over 24 hours, crypto liquidations returned to above-normal levels as the crypto market resumed its upward trend toward $1 trillion. At the time of writing, 24-hour liquidations stood at $217.60 million versus $81.22 million Monday morning.

Liquidated traders over the last 24 hours were also higher. At the time of writing, liquidated traders stood at 43,784 versus 31,367 on Monday morning. Crypto liquidations were higher over 12 and four hours while lower over one hour.

According to Coinglass, 12-hour liquidations stood at $90.60 million, up from $45.49 million on Monday, with four-hour liquidations rising from $5.77 million to $11.82 million. However, one-hour liquidations fell from $2.28 million to $1.15 million.

The chart below shows market conditions throughout the session.