Daily Crypto Market Highlights DOGE Led a Mixed Top Ten Session

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Key Insights: It was a mixed Sunday session for the crypto top ten. ADA, BNB and DOGE resisted a downtrend. Investor sentiment towards Genesis’ bankruptcy and Signature Bank’s changes to Swift’s limits for Binance users capped the upside. The crypto market capitalization increased by $2.20 billion to end the day at $991.34 billion.

It was a mixed session for the top ten cryptos on Sunday. ADA, BNB and DOGE bucked a top ten downtrend while SOL led the way for a second session. Notably, BTC revisited $23,000 for the second time since August without hitting a new high in 2023.

Mixed investor sentiment led to a choppy Sunday session. The bankruptcy of Genesis and rumors of SWIFT severing ties with Binance have tested the appetite of buyers. However, market jitters eased over clarifications that Signature Bank would only support SWIFT transfers of $100,000 or more.

Uncertainty surrounding the Fed’s monetary policy and the US economic outlook also influenced sentiment.

Hopes for an FTX revival continued to provide broader crypto market support as well as network updates. An increase in developer activity on major cryptonets contributed to the shift in sentiment.

Today, there are no US economic indicators for investors to watch in the afternoon session. The lack of statistics will leave the crypto market in the hands of crypto newswires and the NASDAQ Composite Index.

However, updates on the Genesis bankruptcy, new discussions on Signature Bank and Binance, and FTX will likely be the main drivers. Genesis will hold its first hearing in bankruptcy court today, with net liability figures likely to generate a lot of interest.

Total Market Cap NASDAQ 230123 Daily Chart Crypto Market Takes Another Late Drop to Reverse Session Gains

It was a bullish Sunday session. After a limited morning, the crypto market cap hit a late afternoon high of $1.012 billion before reversing. The reversal saw the crypto market capitalization fall to a late low of $974.01 billion. However, a late rally left the market capitalization at $991.34 billion for the day, marking a gain of $2.20 billion.

Total Market Cap 230123 Daily Chart

Crypto Market Drivers and Shakers from the Top Ten and Beyond

It was a mixed session for the top ten cryptos.

DOGE rebounded 4.62% to lead the way, with ADA (+2.17%) and BNB (+1.37%) also avoiding the red.

However, SOL fell 1.38%, with BTC (-0.27%), ETH (-0.07%) and XRP (-0.59%) ending the day in negative territory.

From the CoinMarketCap top 100, it was a mixed session.

Axie infinity (AXS) jumped 40.12%, with aptos (APT) and fantom (FTM) recording gains of 13.37% and 11.43%, respectively.

However, lido DAO (LDO) fell 7.83%, while hedera (HBAR) and kava (KAVA) fell 3.78% and 4.26%, respectively.

24-Hour Liquidations Decline on Modest Crypto Market Gain

Within 24 hours, crypto liquidations returned to normal levels, despite a choppy end to the day. Long positions saw a larger share of liquidations, accounting for 61.15% of total liquidations. As of this writing, 24-hour liquidations stood at $118.57 million versus $199.15 million as of Sunday morning.

Traders liquidated in the past 24 hours were also down. At the time of writing, liquidated traders stood at 39,186 compared to 49,966 on Sunday morning. Crypto liquidations were higher on 12 hours while they were lower on four hours and one hour.

Total Crypto Clearance 230123

According to Coinglass, 12-hour liquidations were $79.72 million, down from $59.01 million on Sunday. However, four-hour clearouts dropped from $25.31 million to $16.66 million, with one-hour clearouts dropping from $20.30 million to $1.50 million.

The chart below shows market conditions throughout the session.

Total Market Cap 230123 Hourly Chart

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