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Crypto Market Daily Highlights – ETH and SOL Lead a Bullish Top Ten

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Key Insights:

  • It is a bullish Sunday session for the crypto top ten, with ethereum (ETH) and solana (SOL) leading the way.
  • Easing bets of a 75-basis point Fed rate hike in December continued to deliver much-needed support.
  • The crypto market cap is up $20.5 billion to $900.8 billion with 90 minutes of the session remaining (UTC), reducing the deficit for October to $5.5 billion.

It is a bullish Sunday session for the crypto top ten, with 90 minutes (UTC) of the session remaining. Solana (SOL) and ethereum (ETH) lead the way. Despite the bullish session, BTC fell short of $20,000 for the sixteenth consecutive day while avoiding sub-$19,000 for a second session.

A lack of external market forces left the easing bets of a 75-basis point Fed rate hike in December to deliver a bullish end to the week.

On Friday, news hit the wires of FOMC members wanting to discuss less aggressive policy moves. FOMC member Mary Daly also delivered support for riskier assets. Ahead of the FOMC blackout period, Daly said it is time to consider easing back, which should avoid sending the economy into a Fed-fueled recession.

US Treasury Secretary and former Fed Chair Janet Yellen looked to ease market stress over inflation, saying there was no evidence of inflation becoming embedded in the US economy.

Friday’s chatter eased bets of a 75-basis point rate hike in December and looks set to deliver a three-day winning streak for the crypto market, the longest since mid-September.

This morning, the FedWatch Tool has the probability of November and December rate hikes at 87.5% and 48.7%, respectively. One week ago, the likelihood of a 75-basis point hike in December stood at 69.8%.

For the day ahead, Q3 GDP numbers from China will draw interest before US PMI figures for October.

Economic data could deliver policy uncertainty with the FOMC in its blackout period until November 3. Upbeat headline and sub-component numbers could refuel expectations of a 75-basis point hike in December.

We expect the NASDAQ 100 Mini to set the tone. The slide in expectations of a hawkish December move suggests a bullish start to the week, though the markets will need to navigate the stats from China.

Total Market Cap – NASDAQ – 241022 Daily Chart

Crypto Market Set to Extend the Winning Streak to Three

A bearish morning saw the crypto market fall to a mid-day low of $872.4 billion. However, finding support through the afternoon, the crypto market rallied to a late high of $903.2 billion.

With 90 minutes (UTC) of the Sunday session left, the crypto market cap is up $20.5 billion to $900.8 billion, reducing the October deficit to $5.5 billion.

Total Market Cap 241022 Daily Chart

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

It is a bullish Sunday session for the crypto top ten, with 90 minutes (UTC) of the session remaining.

ETH and SOL lead the way with gains of 4.23% and 4.85%, respectively.

ADA (+3.42%), BNB (+2.26%), and BTC (+2.29%) are also enjoying a bullish session, while DOGE (+1.18%) and XRP (+0.92%) trail the front runners.

From the CoinMarketCap top 100, it is a bullish session.

Klaytn (KLAY) leads the way, surging by 35.85%, with aave (AAVE) and NEO (NEO) seeing gains of 8.47% and 7.33%, respectively.

However, huobi token (HT) leads a handful of coins into the red, falling by 3.25%. Chain (XCN) and maker (MKR) are down by 2.73% and 3.01%, respectively, to also buck the broader market trend.

24-Hour Crypto Clearances Jump in Breakout Crypto Session

Over 24 hours, total liquidations jumped as investors got caught out by a breakout crypto session. At the time of writing, 24-hour liquidations stood at $81.39 million, up from $22.82 million on Sunday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 32,039 versus 15,691 on Sunday morning. Liquidations were up over one and four hours and over 12 hours.

Total Crypto Clearance 241022

According to Coinglass, 12-hour liquidations rose from $14.29 million to $71.85 million, with four-hour liquidations up from $1.76 million to $47.63 million. One-hour liquidations jumped from $0.620 million to $36.54 million.

The chart below shows market conditions throughout the session.

Total Market Cap 241022 Hourly Chart