Crypto Market Daily Highlights – XRP Leads Binance-Fueled Rebound
- It was a bullish Monday session for the crypto top ten, with XRP leading the way.
- Contagion fear subsided following news of Binance’s plans to launch a crypto recovery fund to aid projects impacted by the FTX collapse.
- The crypto market cap rose by $10.5 billion to end the day at $793.0 billion.
It was a bullish Monday session for the crypto top ten. XRP led the way, with BTC rising for the second session in nine. Notably, BTC ended the day at sub-$17,000 for the fourth time since 2020.
Market angst over the demise of FTX continued to weigh on investor sentiment early in the day. However, news of Binance launching a crypto recovery fund supported a sharp market rebound. The recovery fund eased contagion fear. With the crypto market at sub-$800 billion, buying demand was strong.
However, the markets will likely need more details to support a sustained recovery of last week’s losses. The crypto market continued to decouple from the NASDAQ Composite Index, which ended the day with a 1.12% loss.
Mixed policy signals from the Fed left the NASDAQ on the back foot ahead of today’s wholesale inflation figures. This morning, the NASDAQ Mini was up 36 points.
Crypto Market Jumps on News of the Binance Recovery Fund
It was a bullish Monday session. The crypto market fell to an early low of $753 billion before finding support. On the news of Binance announcing the launch of a crypto recovery fund, the market cap surged to a high of $817.7 billion before easing back.
On Monday, the market cap increased by $10.5 billion to $793.0 billion. However, the market was down $180 billion in November.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a bullish Monday session for the crypto top ten.
XRP led the way, rallying by 10.8%, with MATIC ending the day up by 3.1%.
ADA (+0.9%), BNB (+0.9%), BTC (+1.7%), DOGE (+1.2%), and ETH (+1.8%) saw relatively modest gains.
From the CoinMarketCap top 100, it was a mixed session.
Trust wallet token (TWT) and synthetix (SNX) led the way, rallying by 17.6% and 15.2%, respectively. Cronos (CRO) was also a front-runner, gaining 10.3%.
However, convex finance (CVX) led the way down, sliding by 7.1%. EthereumPoW (ETHW) and casper (CSPR) fell by 2.8% and 4.0%, respectively.
24-Hour Liquidations Rise on Unexpected Crypto Market Rebound
Over 24 hours, total liquidations increased in response to the unexpected news of Binance launching a recovery fund. At the time of writing, 24-hour liquidations stood at $167.33 million, up from $121.58 million on Monday morning.
Liquidated traders over the last 24 hours slipped, however. At the time of writing, liquidated traders stood at 66,235 versus 68,578 on Monday morning. Liquidations were down over 12 and four hours while up over one hour.
According to Coinglass, 12-hour liquidations fell from $74.59 million to $63.02 million, with four-hour liquidations down from $43.56 million to $13.20 million. One-hour liquidations increased from $3.43 million to $4.13 million, reflecting a bullish end to the day.
The chart below shows market conditions throughout the session.