Crypto Market Daily Highlights – XRP Bucked a Bearish Top Ten Session

Key Insights:

• It was a mixed Wednesday for the crypto top ten, with ripple (XRP) extending its winning streak to three sessions.
• US economic indicators hit appetite for riskier assets, with ADP nonfarm employment change and ISM Non-Manufacturing PMI numbers raising bets of a hawkish Fed move.
• The mixed session left the crypto market cap down $5.5 billion to $925.7 billion.

It was a mixed Wednesday session for the crypto top ten. XRP saw green to buck the top ten trend. However, DOGE led the way down, as investors locked in Twitter driven profits from Tuesday. Despite a bearish session, BTC held onto the $20,000 handle for a second consecutive day.

US economic indicators raised bets of another 75-basis point Fed rate hike in November.

According to the ADP, nonfarm employment increased by 208k in September, up from 185k in August. In September, the ISM Non-Manufacturing PMI slipped from 56.9 to 56.7. Notably, the ISM Non-Manufacturing Employment sub-index increased from 50.2 to 53.0, with new orders rising at a solid clip.

The employment numbers reversed views that labor market conditions were loosening, supporting a more hawkish Fed. FOMC member Mary Daly delivered a hawkish message on Wednesday by reemphasizing the Fed’s commitment to bringing inflation to target.

On Wednesday, the NASDAQ 100 fell by 0.25% to end a mini two-day winning streak. This morning, the NASDAQ 100 Mini was up 67.5 points.

Later today, US jobless claims and Fed chatter will influence as the markets prepare for the nonfarm payroll numbers on Friday.

Crypto Market Enjoys a Bullish Session Supported by Weak US Stats

On Wednesday, the crypto market fell to an early afternoon low of $905.9 billion before rising to an early evening high of $936.51 billion. However, a bearish send to the day left the crypto market cap down by $5.5 billion to $925.7 billion.

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

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

XRP bucked the trend, rising by 1.78%.

However, DOGE and ADA saw losses of 1.64% and 1.15%, respectively, to lead the way down. BNB (-0.71%), BTC (-0.92%), ETH (-0.70%), and SOL (-0.18%) also saw red.

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

Helium (HNT) and ethereum name service (ENS) led the way, with gains of 8.68% and 8.58%, respectively. Trust wallet token (TWT) rose by 7.70%.

However, XDC network (XDC) led the way down, with a 4.49% loss. Lido DAO (LDO) and ravencoin (RVN) ended the day down by 3.28% and 3.15%, respectively.

24-Hour Crypto Liquidations Slip Despite a Choppy Wednesday

Over 24 hours, total liquidations declined, with BTC holding onto $20,000 easing liquidations. At the time of writing, 24-hour liquidations stood at $62.65 million, down from $70.43 million on Wednesday morning.

Liquidated traders over the last 24 hours inched higher. At the time of writing, liquidated traders stood at 24,837 versus 24,358 on Wednesday morning. Liquidations were up over twelve hours while down over four hours and the last hour.

According to Coinglass, 12-hour liquidations stood at $43.04 million, up from $35.28 million on Wednesday morning. Four-hour liquidations fell from $11.41 million to $3.83 million, with one-hour liquidations down from $0.568 million to $0.414 million.

The chart below shows market conditions throughout the session.