Crypto Market Daily Highlights – ADA Leads a Crypto Top Ten Breakout

Key Insights:

• It was a bullish Tuesday session for the crypto top ten, with cardano (ADA) surging by 12% to lead the way.
• US economic indicators delivered more reasons for the Fed to take its foot off the gas, supporting a breakout session.
• The crypto market cap surged by $39.9 billion to $928.2 billion.

It was a bullish Tuesday session for the crypto top ten. Cardano (ADA) led the way, with solana (SOL) and Ethereum (ETH) also enjoying breakout sessions. Notably, BTC wrapped up the session at $20,000 for the first time since October 5.

US economic indicators provided support to riskier assets. Weak numbers eased bets of a hawkish Fed move in December, delivering a much-needed boost in investor sentiment.

In August, the S&P/CS HPI Composite 20 n.s.a increased by 13.1% year-over-year, down from 16.0% in July. A surge in mortgage rates stemming from Fed rate hikes has adversely affected the housing market.

According to the Mortgage Bankers Association, applications sit at the lowest level since 1997. Weaker demand has led to a sharp pullback in house prices.

A slide in US consumer confidence added further support. In October, the CB Consumer Confidence Index fell from 107.8 to 102.5.

Following the weak private sector PMIs on Monday, the stats have led the markets to ease bets of a hawkish Fed move in December, with talk of a Fed pivot doing the rounds.

This morning, the FedWatch Tool had the probability of November and December rate hikes at 93.7% and 49.5%, respectively. One week ago, the likelihood of a 75-basis point hike in December stood at 64.3%.

In response to the shift in sentiment, the NASDAQ 100 rallied 2.25%. However, post-closing bell earnings have left the NASDAQ 100 Mini down 253 points this morning.

For the day ahead, US housing sector numbers could deliver further support. Economists forecast new home sales to slide 13.9% in September. In August, new home sales had jumped by 28.8%.

Crypto Market Enjoys $40 Billion Surge on Bets of a Fed Pivot

A mixed start to the day saw the crypto market fall to a low of $883.6 billion before making a move. In response to the US economic indicators, the crypto market surged to a high of $948.8 billion before easing back.

A $39.9 billion jump to $928.2 billion reversed losses for October, leaving the market up $23 billion for the current month.

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

It was a bullish Tuesday session for the crypto top ten.

ADA led the way, surging by 12.04%, with ETH (+8.68%) and SOL (+9.08%) enjoying breakout sessions.

BNB (+3.72%), BTC (+3.95%), DOGE (+6.04%) and XRP (+1.74%) also found strong support.

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

Toncoin (TON) led the way, surging by 26.61%, with cardano (ADA) and ethereum classic (ETC) seeing gains of 12.04% and 8.82%, respectively.

However, Klaytn (KLAY) and aptos (APT) led the way down, with losses of 15.77% and 7.87%, respectively. Aave (AAVE) also bucked the broader market trend, falling by 3.79%.

24-Hour Crypto Liquidations Surge on Crypto Breakout Session

Over 24 hours, total liquidations surged as the crypto market responded to US economic indicators and the talk of a Fed pivot. At the time of writing, 24-hour liquidations stood at $806.19 million, up from $49.06 million on Tuesday morning.

Liquidated traders over the last 24 hours also spiked. At the time of writing, liquidated traders stood at 119,682 versus 19,503 on Tuesday morning. Liquidations were up over one and over four hours and 12 hours.

According to Coinglass, 12-hour liquidations jumped from $27.69 million to $796.59 million, with four-hour liquidations up from $3.91 million to $18.25 million. One-hour liquidations rose from $0.444 million to $0.613 million.

The chart below shows market conditions throughout the session.