Crypto Market Daily Highlights – ADA and BTC Buck the Top Ten Trend

Key Insights:

• It was a mixed Saturday session for the crypto top ten, with BTC and ADA bucking the top ten trend.
• Profit-taking and sentiment toward the Fed likely weighed, while the talk of an FTX reboot continued to deliver support.
• The crypto market cap fell by $6.05 billion to end the day at $989.06 billion.

It was a mixed session for the crypto top ten on Saturday. BTC and ADA bucked a bearish trend while SOL led the way down. Notably, BTC visited $23,000 for the first time since August and hit a new 2023 high of $23,367.

There were no external market forces to guide investors on Saturday. Following a breakout Friday session, profit-taking weighed on the broader market as investors considered the events from the week.

News of new management exploring an FTX reboot continued to deliver support as investors considered the implications of a Genesis bankruptcy.

Uncertainty over the Fed’s February interest rate hike likely tested sentiment. While inflation has softened, labor market conditions remained tight, allowing the Fed to deliver a hawkish policy move that would weigh on riskier assets.

Today, investors should continue monitoring the crypto news wires for events that could move the dial. Updates on FTX and Genesis will likely draw interest along with any chatter from regulators. In the final hour, the NASDAQ mini will also influence.

Crypto Market Sees Final Hour Slide into the Red

It was a bearish Saturday session. A mixed morning saw the total market cap rise to a late morning high of $1,018 billion before falling to a late morning low of $978.07 billion. The market cap revisited $1 trillion in the afternoon before a late slide back into the red.

The late reversal left the crypto market cap at $989.06 billion, marking a $6.05 billion loss for the day.

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

It was a mixed session for the crypto top ten.

ADA and BTC bucked the broader market trend, with gains of 0.82% and 0.46%, respectively.

However, SOL led the way down, falling by 3.76%, with BNB (-2.03%), DOGE (-1.97%), ETH (-1.90%), and XRP (-2.46%) also seeing red.

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

Aptos (APT) and apecoin (APE) rose by 7.31% and 7.50%, respectively, with optimism (OP) ending the day with a 2.80% gain.

However, rocket pool (RPL) led the way down, sliding by 8.50%. Casper (CSPR) and frax shares (FXS) also struggled, falling by 5.63% and 5.52%, respectively.

24-Hour Liquidations Remain Elevated in a Mixed Saturday Session

Over 24 hours, crypto liquidations remained above normal levels. BTC and ETH liquidations remained higher in a choppy Saturday session, with liquidations evenly split between long and short positions. At the time of writing, 24-hour liquidations stood at $199.15 million versus $256.32 million on Saturday morning.

Liquidated traders over the last 24 hours were also lower. At the time of writing, liquidated traders stood at 49,966 versus 55,336 on Saturday morning. Crypto liquidations were lower over 12 and four hours while higher over one hour.

According to Coinglass, 12-hour liquidations stood at $59.01 million, down from $239.90 million on Saturday, with four-hour liquidations falling from $176.37 million to $25.31 million. However, one-hour liquidations jumped from $7.09 million to $20.30 million due to a late reversal.

The chart below shows market conditions throughout the session.