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Crypto Market Daily Highlights – XRP Leads the Top Ten Rebound
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It was a bullish start to the week for the crypto market. However, volatility is on the rise, with investors focused on the Federal Reserve policy decision.
Key Insights:
- It was a bullish start to the week for the crypto top ten, with XRP leading the way.
- Fed and recession fears sent the crypto market into the deep red before a rebound, supported by the NASDAQ 100.
- The total crypto market cap rose by $11.7 billion to $907.1 billion.
It was a bullish Monday session for the crypto top ten. XRP led the crypto top ten on investor optimism towards the outcome of the SEC v Ripple case. However, BTC fell short of $20,000 for the fourth time since July 3.
Fed and recession fears continued to grip the crypto market going into the Monday session. Following Sunday’s reversal, BTC and ETH tumbled to new September lows. Market fears of Fed monetary policy sending the global economy into a recession weighed.
However, the NASDAQ 100 delivered market support through the US session as bets of a percentage point rate hike eased. There were no US economic indicators or crypto news stories to influence, leaving the NASDAQ to provide direction.
On Monday, the probability of a 75-basis point was 81.0% versus 19.0% for a percentage point hike. The latest split was less hawkish than on Sunday when the chance of a percentage point hike stood at 21%. The NASDAQ 100 rose by 0.76%, with the NASDAQ 100 Mini up 58.5 points this morning.
Crypto Market Returns to $900bn in a Choppy Monday Session
On Monday, the crypto market cap tumbled to an early low of $856.8 billion before rebounding to a high of 915.9 billion.
The bullish Monday session left the crypto market cap up $11.7 billion to $907.1 billion. However, the market cap is down $54 billion for September.
BNB (+2.14%), DOGE (+1.92%), and ETH (+3.11%) also found strong support, while ADA (+1.12%) and BTC (+0.65%) trailed.
From the CoinMarketCap top 100, it was a mixed session.
Helium (HNT) and apecoin (APE) led the way, rallying by 15.41% and 15.56%, respectively. Algorand (ALGO) ended the day up 8.56%.
However, Chainlink (LINK) was among the worst performers, falling by 2.97%. Huobi Token (HT) and polkadot (DOT) saw losses of 0.57% and 0.93%, respectively.
24-HourCrypto Liquidations Continue Uptrend as Volatility Spikes
Over 24 hours, total liquidations increased as Fed and recession fears delivered a choppy session.
At the time of writing, 24-hour liquidations stood at $292.44 million, up from $264.19 million on Monday morning.
Liquidated traders over the last 24 hours declined, however. At the time of writing, liquidated traders stood at 71,318 versus 99,009 on Monday morning.
Liquidations over twelve and four hours were down, reflecting the market rebound, while one-hour liquidations increased.
According to Coinglass, 12-hour liquidations stood at $98.29 million, down from $226.35 million on Monday morning, with four-hour liquidations falling from $140.44 million to $24.44 million. However, one-hour liquidations increased from $2.79 million to $4.27 million, reflecting the early Tuesday market decline. 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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