Crypto Market Daily Highlights – SOL Bucked a Bullish Top Ten Trend

Key Insights:

• It was a mixed Saturday session for the crypto top ten, with solana (SOL) bucking the top ten trend.
• A quiet session left the broader market range-bound, with less hawkish FOMC member chatter from Friday continuing to provide support.
• The crypto market cap rose by $3.7 billion to $880.3 billion, reducing the deficit for October to $26 billion.

It was a mixed Saturday session for the crypto top ten. Solana (SOL) bucked the top ten trend, while ETH and XRP led the way. Despite the bullish session, BTC fell short of $20,000 for the fifteenth consecutive day while avoiding sub-$19,000.

A lack of external market forces left the investors to digest FOMC member chatter from Friday.

Reports of FOMC members planning to discuss a smaller rate hike in December raised hopes of an end to the aggressive policy moves to bring inflation to target.

On Friday, FOMC member Mary Daly said it is time to consider easing back, which should avoid sending the economy into a Fed-fueled recession. US Treasury Secretary and former Fed Chair Janet Yellen also delivered crypto-friendly comments. Yellen saw no evidence of inflation becoming embedded in the US economy.

Friday’s chatter eased bets of a 75-basis point rate hike in December. According to the FedWatch Tool, the probability of a 75-basis point December rate hike sits at 45.6%, down from 75.4% on Thursday.

The falling bets of a hawkish December move are crypto-positive. However, with the FOMC in its blackout period, economic data could deliver uncertainty on Monday. US private sector PMIs for October will draw plenty of interest. Upbeat headline and sub-component numbers could refuel expectations of a 75-basis point hike in December.

Earlier in the Monday session, Q3 GDP numbers from China will also draw interest. However, we expect the NASDAQ 100 Mini to set the tone in the final hour of today’s session (UTC). The slide in expectations of a hawkish December move suggests a bullish start to the week.

Crypto Market Targets a Third Consecutive Gain after a Bullish Saturday

A mixed start to the day saw the crypto market fall to an early morning low of $872.4 billion. However, finding support through the morning, the crypto market rose to an early afternoon high of $884.9 billion before easing back.

Despite the pullback, the crypto market rose by $3.7 billion to end the day at $880.3 billion. A second consecutive gain left the crypto market down $26 billion for October.

While it is a bearish start to the Sunday session, a third consecutive bullish session would be the first since September 12, the day before the US CPI report for August.

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

It was a mixed Saturday session for the crypto top ten.

ETH (+1.08%) and XRP (+0.94%) led the way, with gains of 1.08% and 0.94%, respectively.

ADA (+0.57%), BNB (+0.11%), BTC (+0.23%), and DOGE (+0.63%) saw modest gains, while SOL (-0.35%) bucked the top ten trend.

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

Aptos (APT) and huobi token (HT) led the way, rallying 19.84% and 14.83%, respectively. Ethereum PoW (ETHW) was also a front-runner, gaining 8.89%.

Chain (XCN) and quant (QNT) led the way down, sliding by 7.46% and 5.50%, respectively. Casper (CSPR) also struggled, falling by 3.85%.

24-Hour Crypto Liquidations Slide on Second Bullish Session.

Over 24 hours, total liquidations fell back following another bullish crypto session. At the time of writing, 24-hour liquidations stood at $22.82 million, down from $85.58 million on Saturday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 15,691 versus 40,849 on Saturday morning. Liquidations were down over one and four hours and over 12 hours.

According to Coinglass, 12-hour liquidations fell from $58.98 million to $14.29 million, with four-hour liquidations down from $4.26 million to $1.76 million. One-hour liquidations slipped from $0.658 million to $0.620 million.

The chart below shows market conditions throughout the session.