Daily Crypto Market Highlights XRP Leads a Mixed Top Ten

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Key Insights: It was a mixed Monday session for the crypto top ten. ADA and ETH resisted an uptrend. The NASDAQ index and Genesis bankruptcy news updates delivered a bullish session. The crypto market capitalization increased by $9.02 billion to end the day at $1 trillion.

It was a mixed session for the top ten cryptos on Monday. ADA and ETH resisted an uptrend in the top ten while XRP led the way. Notably, BTC revisited $23,000 for the third time since August without hitting a new high in 2023.

A bullish session for the NASDAQ index provided support on Monday, with tech stocks in rally mode. The bullish start to the week preceded a busy earnings schedule, with Microsoft (MSFT) and Tesla (TSLA) among the big names to report results this week.

The NASDAQ index rose 2.01%, with the S&P 500 advancing 1.19%.

From crypto newswires, Gemini announced plans to cut its workforce by 10%, while Genesis lawyers and creditors were reportedly optimistic about resolving disputes with creditors. Genesis lawyers also told the court they were considering selling the business to make creditors whole.

It was a favorable start to the bankruptcy proceedings for the crypto market, supporting the bullish start to the week.

Today, US economic indicators and corporate earnings will likely give direction to the NASDAQ index and the crypto market during the afternoon session.

January’s private sector PMIs will need to be better than expected to support a bullish session. Microsoft (MSFT) will publish results that will also generate interest. However, updates on FTX and Genesis are likely to have more influence on the broader crypto market.

This morning, the NASDAQ mini was down 11.75 points.

Total Market Cap NASDAQ 240123 Hourly Chart Crypto Market Ends Day at $1 Trillion

It was a Monday bullish session. After a bullish morning, the crypto market cap hit a high of $1.014 billion in the early afternoon before reversing. The reversal saw the crypto market capitalization fall to a low of $979.69 billion. However, a bullish end to the session left the crypto market cap at $1 trillion for the day, marking an increase of $9.02 billion.

Total Market Cap 240123 Daily Chart

Crypto Market Drivers and Shakers from the Top Ten and Beyond

It was a mixed session for the top ten cryptos.

XRP rebounded 5.97% to lead the way, with BNB (+0.69%), BTC (+0.87%), DOGE (+0.11%) and SOL (+0.45%) finding A support.

However, ADA (-0.27%) and ETH (-0.08%) bucked the trend with modest losses.

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

STEPN (GMT) rose 17.69% to lead the way, with lido DAO (LDO) and celo (CELO) recording gains of 14.25% and 9.52%, respectively.

However, aptos (APT) fell 4.66%, with sandbox (SAND) and uniswap (UNI) posting losses of 1.83% and 2.49%, respectively.

24-hour liquidations see modest decline despite bullish session

Over 24 hours, crypto liquidations remained at lower levels despite a choppy session. Long positions saw a greater share of liquidations, accounting for 56.3% of total liquidations. As of this writing, 24-hour liquidations were $103.65 million versus $118.57 million Monday morning.

Traders liquidated in the past 24 hours were also down. At the time of writing, liquidated traders stood at 30,122 from 39,186 on Monday morning. Crypto liquidations were lower over 12 and four hours and over one hour.

Total Crypto Clearance 240123

According to Coinglass, 12-hour liquidations were $73.73 million, down from $79.72 million on Monday, with four-hour liquidations dropping from $16.66 million to $8.56 million. One-hour closeouts went from $1.50 million to $0.824 million.

The chart below shows market conditions throughout the session.

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