Crypto Market Daily Highlights – MATIC Led a Top Ten NASDAQ Decoupling

Key Insights:

• It was a mixed Friday session for the crypto top ten, with MATIC leading the way while XRP saw red.
• Market reaction to the US Jobs Report delivered a late rally, supported by more dollar losses.
• The crypto market cap rose by $7.1 billion to end the day at $817.8 billion.

It was a mixed Friday session for the crypto top ten. MATIC led the way, while XRP bucked the trend. Notably, BTC wrapped up the day at $17,000 for the second time since November 11.

Following the market reaction to Fed Chair Powell’s less hawkish speech on Wednesday and US economic indicators on Thursday, the US Jobs Report was the main report of the day on Friday.

The numbers beat forecasts, with nonfarm payrolls up 263k versus a forecasted 200k increase. Significantly, there was also an unexpected pickup in wage growth. In November, average hourly wages were up 5.1% year-over-year versus 4.9% in October. Economists forecast wage growth to slow to 4.6%.

However, despite the upbeat NFP numbers, the unemployment rate remained at 3.7%. A fall in the participation rate from 62.2% to 62.1% cushioned the impact of the 263k rise in nonfarm payrolls on the headline unemployment figure.

Market reaction to the Jobs Report was initially bearish before the Greenback hit reverse, supporting a NASDAQ Composite Index recovery from early losses and a crypto market bounce back into positive territory.

Fed Chair Powell’s comments from Wednesday continued resonating, with cracks in the US economy supporting a Fed Pivot.

On Friday, the NASDAQ Composite Index fell by a modest 0.18%, with the S&P500 ending the day down by 0.12%.

Crypto Market Ends the Day in Positive Territory Despite Jobs Report

On Friday, the crypto market cap slid to an early morning low of $800 billion before support kicked in. After an initial pullback in response to the US Jobs Report, the crypto market cap rose to a final-hour high of $820.4 billion.

However, a late pullback left the market cap with a $7.1 billion gain to end the session at $817.8 billion.

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

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

MATIC led the way, gaining 4.64%.

ADA (+1.27%), BNB (+0.41%), BTC (+0.65%), DOGE (+0.20%), and ETH (+1.50%) also found support, while XRP (-0.20%) saw red.

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

GMX (GMX) led the way, rising by 10.78%, with trust wallet token (TWT) and uniswap (UNI) seeing gains of 9.64% and 7.25%, respectively.

However, fantom (FTM) led the way down, falling by 3.54%, with binaryX (BNX) and chainlink (LINK) seeing losses of 1.08% and 0.98%, respectively.

24-Hour Liquidations Remain Below Normal Levels Despite Jobs Report

Over 24 hours, total liquidations remained at below-normal levels, with US economic indicators providing mixed sentiment. The US stats failed to induce a lasting crypto market reversal of earlier gains, leaving the market with a modest increase for the session.

At the time of writing, 24-hour liquidations stood at $40.38 million versus $38.53 million on Friday morning.

Liquidated traders over the last 24 hours decreased. At the time of writing, liquidated traders stood at 13,147 versus 14,122 on Friday morning. Liquidations were down over 12 hours while rising over four hours and one hour.

According to Coinglass, 12-hour liquidations fell from $28.04 million to $24.70 million. However, four-hour liquidations rose from $4.00 million to $7.36 million, with one-hour liquidations up from $0.563 million to $4.56 million.

The chart below shows market conditions throughout the session.