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Key Insights: It was a bullish session on Saturday for the crypto top ten, with the broader crypto market extending its winning streak to seven sessions. The fading FTX contagion continued to boost demand, with market sentiment towards Fed policy and the US economic outlook also positive. The crypto market capitalization increased by $42.79 billion to end the day at $939.63 billion.
It was a bullish session for the crypto top ten on Saturday. ETH and MATIC led the top ten. Notably, BTC visited $21,000 for the first time since Nov. 7 and the collapse of FTX.
On Saturday, the momentum from Friday carried over into the morning session. Investors continued to react to US corporate earnings and economic indicators.
Mitigation of FTX contagion risk also continued to boost demand for cryptos, with the latest news suggesting creditor losses would be negligible. $5 billion in cash and cash equivalents and $4.6 billion in non-strategic assets could cover the estimated funding gap of $8 billion.
However, the crypto market reversed course this morning. Profit taking after a seven-day winning streak likely contributed to the pullback. Despite the pullback, the momentum favors the bulls and a possible rebound in the afternoon. With US markets closed on Monday, investors will have to wait until Tuesday for economic indicators and corporate earnings to provide guidance.
Total Market Cap NASDAQ 150123 Hourly Chart Crypto Market Extends Winning Streak to Seven Sessions
It was a bullish session on Saturday. A bullish start to the day saw the crypto market capitalization rise from a low of $892.54 billion to a first-hour high of $965.17 billion before falling back down.
The crypto’s market capitalization fell back to a late morning low of $913.63 billion before recovering to end the day at $939.63 billion, marking a gain of $42.79 billion for the daytime. The crypto market capitalization increased by $142 billion for the week.
Total Market Cap 150123 Daily Chart
Crypto Market Drivers and Shakers from the Top Ten and Beyond
It was a bullish session on Saturday for the top ten cryptos.
ETH and MATIC increased by 6.77% and 7.34% respectively, with BTC increasing by 5.20%.
ADA (+2.02%), BNB (+3.88%), DOGE (+2.95%) and XRP (+2.41%) followed the first.
From the CoinMarketCap top 100, it was a mixed session.
Compound (COMP) jumped 32.97%, with aptos (APT) and helium (HNT) registering gains of 13.20% and 16.75%, respectively.
However, gala (GALA) and terra classic (LUNC) recorded losses of 2.26% and 0.16%, respectively.
24-hour liquidations rise at the bearish turn of the day
Within 24 hours, crypto liquidations spiked overnight as investors locked in profits from a seven-fight winning streak. As of this writing, 24-hour liquidations were $223.20 million versus $190.59 million Saturday morning.
Traders liquidated in the past 24 hours were also higher. At the time of writing, liquidated traders stood at 69,043 compared to 47,209 on Saturday morning. Crypto liquidations were lower over 12 and four hours and over one hour.
Total Crypto Clearance 150123
According to Coinglass, 12-hour liquidations were $48.30 million, down from $161.06 million on Saturday, with four-hour liquidations dropping from $118.09 million to $24.96 million. One-hour closeouts were $4.51 million versus $7.77 million Saturday morning.
The chart below shows market conditions throughout the session.
Total Market Cap 150123 Hourly Chart
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