Daily Crypto Market Highlights – XRP Dominated the Top Ten for a Second Day
- It was a bullish session on Saturday for the top ten cryptos. XRP paved the way for a second session.
- Recession fears did not hold sway, with bearish buyers providing support following the Ethereum Merge selloff.
- The total crypto market cap increased by $16.5 billion to $941.8 billion.
It was a bullish session on Saturday for the top ten cryptos. XRP led the top ten, with ETH avoiding a third consecutive session in the red. Improving market conditions also allowed BTC to return to $20,000.
Market sentiment improved through Saturday as investors dismissed fears of a US recession. Heavy losses in the crypto market lured bearish buyers to support Saturday’s bullish session.
However, the crypto market is in for a choppy week ahead. The Fed will release its monetary policy decision and economic projections on Wednesday. A press conference by Fed Chairman Powell will also generate a lot of interest. Hawkish chatter and talk of more than 75 basis point hikes would be crypto negative.
On the economic data front, it’s been a calmer week, with no major statistics until the end of the week. On Thursday, unemployment insurance claims will provide guidance ahead of Friday’s preliminary private sector PMI numbers.
Last week, the Ethereum merger led to the crypto market decoupling from the NASDAQ 100. However, with the market’s focus on the Fed, we can expect a close correlation in the coming week.
Crypto market rises but remains in the red for the week
On Saturday, the crypto market capitalization fell to a midday low of $919.4 billion before hitting a last-hour high of $946.0 billion.
Recession fears did not weigh as bearish buyers rushed following market reaction to the Ethereum merger. Easing fears of a one percentage point Fed rate hike also provided support for the crypto market.
However, after Tuesday’s US CPI report and the Ethereum merger-related sell-off, the crypto market capitalization fell by $97 billion for the week. On Saturday, the crypto market cap increased by $16.5 billion to $941.8 billion.
Crypto Market Drivers and Shakers from the Top Ten and Beyond
It was a bullish session on Saturday for the top ten cryptos.
XRP rebounded 5.87% to lead the way, closely followed by SOL (+4.50%).
ADA (+2.32%), DOGE (+2.88%) and ETH (+2.46) also found strong support while BNB (+1.53%), BTC (+1.57%) were dragging.
Of the CoinMarketCap top 100, it’s a mixed session.
ApeCoin (APE) led the way, surging 20.83%, with Chiliz (CHZ) and yearn.finance (YFI) posting gains of 7.12% and 7.90%, respectively.
However, ravencoin (RVN) continued to struggle, falling 3.56%, with cosmos (ATOM) and celsius (CEL) registering losses of 1.16% and 1.05%, respectively.
Crypto 24-Hour Liquidations Dropped Below $100M in Bullish Session
Over 24 hours, total liquidations fell below normal as market tensions eased further following Thursday’s Ethereum merger.
As of this writing, 24-hour liquidations were $58.46 million, down from $130.21 million Saturday morning.
Traders liquidated in the last 24 hours have also decreased. At the time of writing, liquidated traders stood at 23,956 compared to 50,469 on Saturday morning.
Twelve-hour closeouts are also falling while they are rising on 4-hour and one-hour.
According to Coinglass, 12-hour liquidations were $39.49 million, down from $93.63 million on Saturday morning. Four-hour clearouts increased from $11.27 million to $12.02 million, with one-hour clearouts dropping from $2.24 million to $3.76 million. The chart below shows market conditions throughout the session.