Crypto Market Daily Highlights – SOL Leads a Breakout Top Ten Session

Key Insights:

• It was a bullish Sunday session for the crypto top ten, with SOL leading the way.
• Market sentiment toward this week’s Fed interest rate decision and easing FTX and Genesis contagion risk delivered a breakout session.
• The crypto market cap jumped by $31.8 billion to end the day at $1,031 billion.

It was a bullish session for the crypto top ten on Sunday. SOL led the way while XRP trailed. BTC hit a new 2023 high of $23,962 and avoided sub-$23,000 for the first time since August 19.

There were no external market forces to guide investors on Sunday. However, investor sentiment toward Fed monetary policy and the US economic outlook delivered a bullish session. Softer US inflation numbers and a fall in personal spending supported bets of the Fed taking its foot off the gas.

While the Friday stats cemented a 25-basis point interest rate hike on Wednesday, bets of a hold in March rose from 15.5% to 17.2% in response to the number.

From the crypto market, investors shook off the latest White House Administration crypto market focus, with easing FTX and Genesis contagion risk providing price support. However, increased network activity across leading blockchains was also bullish.

Today, there are no US economic indicators to guide investors. However, the crypto market will look ahead to the Wednesday Fed interest rate decision and forward guidance. The NASDAQ Composite Index will likely provide direction in the afternoon session.

Investors should also monitor the crypto news wires for updates on FTX, Genesis, and the SEC v Ripple case. Further updates from the White House Administration would need consideration.

This morning, the NASDAQ mini was down 17.25 points.

Crypto Market Hits a New 2023 on Fed Sentiment

It was a mixed Sunday session. A bearish start to the day saw the crypto market cap fall to an early low of $996.22 billion before making a move. Bullish throughout the rest of the day, the crypto market cap surged to a late high of $1,041 billion before easing back.

Despite a late pullback, the crypto market ended the day at $1,031 billion, marking a $31.8 billion gain for the session. Four bullish sessions from seven delivered a $39.84 billion gain for the week.

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

It was a bullish session for the crypto top ten.

SOL surged by 8.66% to lead the way, with ADA (+4.19%), BNB (+3.56%), BTC (+3.11%), and ETH (+4.62%) enjoying breakout sessions.

DOGE (+2.27%) and XRP (+1.35%) trailed the front-runners.

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

Mina (MINA) rallied by 20.22% to lead the way, with decentraland (MANA) and optimism (OP) seeing gains of 16.28% and 8.85%, respectively.

However, UNUS SED LEO (LEO) and toncoin (TON) bucked the broader market trend, falling by 2.78% and 3.47%, respectively.

24-Hour Liquidations Inch Higher but Remain Below Normal Levels

Over 24 hours, crypto liquidations increased but continued to sit below normal levels despite a breakout Sunday. Short positions had the higher share of liquidations, accounting for 82.2% of total liquidations. At the time of writing, 24-hour liquidations stood at $43.53 million versus $59.34 million on Sunday morning.

However, liquidated traders over the last 24 hours were lower. At the time of writing, liquidated traders stood at 21,265 versus 24,888 on Sunday morning. Crypto liquidations were higher over 12 and four hours and over one hour.

According to Coinglass, 12-hour liquidations stood at $43.53 million, up from $30.11 million on Sunday, with four-hour liquidations up from $8.52 million to $12.83 million. One-hour liquidations increased from $1.48 million to $2.66 million.

The chart below shows market conditions throughout the session.