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Crypto Market Daily Highlights – SOL Led a Bullish Top Ten Session
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It was a bullish start to the week for the crypto market. The UK government's U-turn on the mini-budget and US corporate earnings distracted the markets.
Key Insights:
- It was a bullish start to the week for the crypto top ten, with solana (SOL) leading the way.
- UK government updates on the mini-budget and upbeat US corporate earnings delivered a bullish Monday session.
- The crypto market cap increased by $12.9 billion to $898.4 billion, leaving the market down $7 billion for the month.
It was a bullish Monday session for the crypto top ten. Solana (SOL) led the way. However, despite the bullish session, BTC fell short of $20,000 for a tenth consecutive session while also avoiding a return to sub-$19,000.
There were no crypto events to influence, leaving the crypto market in the hands of the US markets and the UK government.
On Monday, UK Chancellor Jeremy Hunt shredded the UK Government’s mini-budget, restoring order in the gilt market to drive demand for riskier assets. US corporate earnings also delivered support. Bank of America (BAC) and Bank of New York Mellon (BK) released positive earnings results.
The upswing in interest rates led to a boost in net interest income. The NASDAQ 100 led the way, rallying by 3.43%, with the Dow and S&P 500 seeing gains of 1.86% and 2.65%, respectively. This morning, the NASDAQ Mini was up 97 points.
Crypto Market Rises for a Fourth Time in Eight Sessions
A bearish start to the day saw the crypto market fall to an early low of $878.4 billion. However, finding support from UK government news and US corporate earnings, the crypto market rallied to a high of $905.6 billion before easing back to sub-$900 billion.
The bullish session saw the market cap rise by $12.9 billion to $898.4 billion, reducing the deficit for October to just $7 billion.
ADA (+0.81%), BNB (+1.14%), and XRP (+0.75%) trailed the front runners.
From the CoinMarketCap top 100, it was a mixed session.
Huobi Token (HT) led the way, surging by 15.51%, with lido DAO (LDO) and maker (MKR) seeing gains of 13.50% and 8.88%, respectively.
However, casper (CSPR) led the way down, falling by 7.58%, with Ethereum name services (ENS) and dash (DASH) seeing losses of 2.23% and 0.87%, respectively.
24-Hour Crypto Liquidations Held Steady for a Third Session
Over 24 hours, total liquidations held steady in a relatively range-bound but bullish Monday session. At the time of writing, 24-hour liquidations stood at $32.87 million, down from $39.69 million on Monday morning.
Liquidated traders over the last 24 hours also held steady. At the time of writing, liquidated traders stood at 17,420 versus 17,659 on Monday morning. Liquidations were down over 12 and four hours and over one hour.
According to Coinglass, 12-hour liquidations fell from $22.50 million to $20.16 million, with four-hour liquidations down from $17.67 million to $3.59 million. One-hour liquidations fell from $6.17 million to $0.612 million.
The chart below shows market conditions throughout the session.
About the Author
Bob Masonauthor
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.
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