Crypto Market Daily Highlights: MATIC Led Top Ten Breakout

Key Insights:

• It was a bullish Friday session for the crypto top ten, with MATIC leading a breakout session.
• A quiet day on the US economic calendar left investor sentiment to support a crypto market move toward a $1.1 trillion market cap.
• The crypto market cap rose by $41.59 billion to end the day at $1,068 billion.

It was a bullish session for the crypto top ten on Friday. MATIC led a breakout session, with BTC revisiting $25,000 for the second consecutive day and the second time since August.

Fed Fear took a back seat on Friday, with no US economic indicators for investors to consider. The lack of stats allowed the crypto market to decouple from the NASDAQ Composite Index, which fell by 0.58%.

There were no crypto events to support the Friday breakout. However, easing regulatory risk and US lawmaker scrutiny of the SEC likely contributed to the upside.

A BTC return to $25,000 on Thursday and revisit on Friday supported the broader crypto market. Investor hopes of an end to the crypto winter despite increased SEC activity drove momentum and delivered bullish sessions for 97 of the top 100 coins.

Despite the second breakout session in three days, Fed Fear and regulatory risk remain headwinds. Another SEC move against the crypto space or the threat of US interest rates peaking at 5.5% could test buyer interest.

This week, US economic indicators removed fears of a Fed-fueled US economic recession. However, a more aggressive Fed interest rate trajectory to bring inflation to target could reignite recession jitters.

The Day Ahead

Investors should continue monitoring the crypto news wires for events that could move the dial. Binance news will need monitoring following reports of Binance reviewing its US-based relationships.

FTX, Genesis, and Silvergate Bank updates will likely remain focal points, with the ongoing SEC v Ripple case now having a greater significance following the recent SEC moves against staking services and stablecoins.

Investors should also consider SEC and US lawmaker chatter. Further lawmaker support for the digital asset space and talk of shifting regulatory powers to the CFTC would support BTC and the broader crypto market.

Crypto Market Finds Momentum on Hopes of a Crypto Winter Thawing

It was a bullish Friday session. A mixed start to the day saw the crypto market cap fall to a first-hour low of $1,021 billion. However, finding early morning support, the crypto market cap surged to a late high of $1,085 billion before easing back.

Despite the late pullback, the crypto market cap ended Friday at $1,068 billion, marking a $41.59 billion gain for the day.

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

It is a bullish session for the crypto top ten.

MATIC rallied by 11.36% to lead the way, with BTC and ADA seeing gains of 4.48% and 4.13%, respectively.

However, BNB (2.89%), DOGE (+3.30%), ETH (+3.45%), and XRP (+2.85%) also made solid gains.

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

Filecoin (FIL) surged by 40.54% to lead the way, with internet computer (ICP) and klaytn (KLAY) seeing gains of 23.03% and 34.13%, respectively.

However, immutableX (IMX) bucked the top 100 crypto market trend, falling by 0.22%.

24-Hour Liquidations Ease Back on a Bullish Friday

Over 24 hours, crypto liquidations eased back to normal levels on Friday. Short positions had a higher share of liquidations, accounting for 59.26% of total liquidations. At the time of writing, 24-hour liquidations stood at $127.39 million, down from $197.91 million on Friday morning (UTC).

Liquidated traders over the last 24 hours were also lower. At the time of writing, liquidated traders stood at 35,566 versus 61,698 on Friday morning. Crypto liquidations were lower over 12 and four hours and over one hour.

According to Coinglass, 12-hour liquidations stood at $94.63 million, down from $144.62 million on Friday morning, with four-hour liquidations falling from $75.05 million to $38.96 million. One-hour liquidations declined from $18.50 million to $2.65 million.

The chart below shows market conditions throughout the session.