Crypto Market Daily Highlights – ETH Leads a Mixed Top Ten Session

Key Insights:

• It is a mixed end to the week for the crypto top ten, with 90 minutes (UTC) of the session remaining. XRP is bucking a bullish top-ten trend.
• There were no events to influence, leaving dip buyers to jump in after four sessions in the red from six.
• The crypto market cap is up $10.2 billion to $886.5 billion, leaving the market down $19 billion for the week.

It is a mixed Sunday session for the crypto top ten. XRP is bucking the top ten trend, while ETH leads the rest of the majors. BTC is falling short of $20,000 for a ninth consecutive session while also avoiding a return to sub-$19,000.

There were no crypto events to provide direction, leaving dip buyers to jump in at depressed price levels. Before Sunday’s session, the crypto market had fallen in four of the six sessions. Rising bets of 75-basis point Fed rate hikes in November and December weighed on riskier assets.

This morning, the probability of a 75-basis point hike in November stood at 99.4% and 66.7% for December. Last week, the chances of a 75-basis point hike in November and December stood at 81.1% and 23.4%, respectively. However, the probability of a 75-basis point December hike eased from 69.8% on Friday.

With the crypto market in the hands of the Fed and US economic indicators, we expect the correlation with the NASDAQ 100 to continue. Later today, NY Empire State Manufacturing numbers for October will draw interest.

Last week, the FOMC meeting minutes revealed that some members are willing to ease the pace of rate hikes should economic indicators reflect cracks in the economy. This was reflected in the increased sensitivity to the last ISM Manufacturing PMI survey.

Crypto Market Rises for a Third Time in Seven Sessions

Range-bound through the morning, the crypto market rose from an early low of $876.2 billion to a mid-morning high of $882.4 billion before falling back to sub-$880 billion. However, a bullish end to the Sunday session saw the crypto market jump to a late high of $891.2 billion before easing back.

With 90 minutes of the session (UTC) remaining, the crypto market is up $10.2 billion (1.17%) to $886.5 billion. The market cap is down by $19 billion (-2.1%) for the week.

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

It is a mixed Sunday session for the crypto top ten.

XRP is bucking the broader market trend, falling by 1.02%.

However, it was a bullish session for the rest of the top ten.

ETH leads the way, rising by 2.47%, with ADA (+1.65%), BNB (+1.83%), and SOL (+1.90%) close behind.

BTC (+1.27%) and DOGE (+0.58%) trail the front runners.

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

Casper (CSPR) leads the way, rallying by 17.02%, with synthetix (SNX) and waves (WAVES) seeing gains of 11.92% and 8.25%, respectively.

However, Huobi Token (HT) is leading the way down, falling by 5.32%. TerraclassicUSD (USTC) and NEM (XEM) are down 2.35% and 2.39%, respectively.

24-Hour Crypto Liquidations Hold Steady in a Mixed Session

Over 24 hours, total liquidations have risen despite a bullish crypto session, with a choppy afternoon session driving liquidations higher. At the time of writing, 24-hour liquidations stood at $39.69 million versus $32.79 million on Sunday morning.

Liquidated traders over the last 24 hours held steady. At the time of writing, liquidated traders stood at 17,659 versus 17,869 on Sunday morning. Liquidations were up over 12 and four hours, while down over one hour.

According to Coinglass, 12-hour liquidations rose from $21.08 million to $22.50 million, with four-hour liquidations up from $13.83 million to $17.67 million. However, one-hour liquidations fell from $11.20 million to $6.17 million.

The chart below shows market conditions throughout the session.