Crypto Market Daily Highlights – XRP and MATIC Led a Choppy Top Ten

Key Insights:

• It was a bullish start to the week for the crypto top ten. XRP bounced back from an early tumble to lead the top ten alongside MATIC.
• There was no NASDAQ Index effect, with the US markets closed, leaving chatter from the World Economic Forum to deliver support.
• The crypto market cap rose by $6.50 billion to end the day at $765.67 billion.

It was a bullish Monday session for the crypto top ten. XRP and MATIC led the way. BTC was in the green for a second session but continued to fall short of the $17,000 handle.

With the US markets close for the holidays, there was no NASDAQ Index influence, leaving investors to consider the outlook for the year. Hopes of a Ripple victory against the SEC delivered support, while chatter from the World Economic Forum (WEF) was also crypto-friendly.

Notably, the WEF said,

“Cryptography and blockchains will continue to be integral parts of the modern economic toolkit.”

The WEF also compared cryptos with the dot-com bubble, saying,

“Just as it took the dot-com bubble bursting in the early 2000s to hand over the future of the internet to more durable companies, business models, and use cases, perhaps 2022 marks the handover of crypto technology and blockchain infrastructure to steadier hands.”

Today, the all-important Caixin Manufacturing PMI for China will influence. Weaker-than-expected numbers could test buyer appetite. However, with the removal of COVID-19 restrictions, despite the latest surge in COVID-19 cases, investors may be more forgiving than usual, with a bounce back expected in the coming months.

The finalized US Manufacturing PMI for December will also provide direction. However, any FOMC member chatter would likely have more influence.

Barring a crypto event, investors will likely take their cues from the NASDAQ Index in the afternoon session. The NASDAQ mini was up 27.5 points this morning.

Crypto Market Sees a Choppy but Bullish Start to the Week

It was a bullish Monday session. A bearish start to the day saw the crypto market cap slide to an early morning low of $752.34 billion before finding support. Bullish through the afternoon session, the crypto market cap rose to a late high of $772.72 billion before easing back.

Despite the late pullback, the crypto market cap rose by $6.50 billion (0.86%) to $765.67 billion for the day.

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

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

XRP and MATIC led the way, with gains of 2.76% and 2.60%, respectively.

ADA (+1.60%), DOGE (+1.71%), and ETH (+1.15%) also found strong support, while BNB (+0.41%) and BTC (+0.28%) trailed the front-runners.

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

BitDAO (BIT) and solana (SOL) led the way, rallying by 12.03% and 13.03%, respectively, with lido DAO (LDO) rising by 11.96%.

However, toncoin (TON) fell by 4.16%, with XDC network (XDC) and UNUS SED LEO (LEO) seeing losses of 1.07% and 0.60%, respectively.

24-Hour Liquidations Rise as Investors Return from the Holidays

Over 24 hours, crypto liquidations bounced back as investors returned from the holidays to a choppy session. At the time of writing, 24-hour liquidations stood at $73.34 million versus $10.88 million on Monday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 18,988 versus 5,811 on Monday morning. Crypto liquidations were higher over 12 and four hours and over one hour.

According to Coinglass, 12-hour liquidations stood at $10.40 million, up from $7.56 million on Monday morning, with four-hour liquidations up from $3.13 million to $6.28 million. One-hour liquidations rose from $0.568 million to $1.67 million.

The chart below shows market conditions throughout the session.