Crypto Market Daily Highlights – XRP Joins DOGE and BNB in the Green

Key Insights:

• It was a mixed Monday session for the crypto top ten, with dogecoin (DOGE) on the move, while ethereum (ETH) saw red.
• A bearish end to the month for the NASDAQ Composite Index weighed on the broader market, while XRP, BNB, and DOGE enjoyed bullish sessions.
• The crypto market cap fell by $0.506 billion to end the month at $971.9 billion.

It was a mixed Monday session for the crypto top ten. Dogecoin (DOGE) resumed its move towards $0.20, with binance coin (BNB) and ripple (XRP) also bucking the trend. However, BTC saw red for the second time in four sessions while avoiding sub-$20,000 for a sixth consecutive day.

There were no US economic indicators, leaving the NASDAQ to influence. Following last week’s Fed pivot-fueled gains, market caution returned as investors prepare for Wednesday’s FOMC interest rate decision and press conference.

Ahead of Wednesday’s decision, key stats include ISM Manufacturing PMI, JOLTs job openings, and ADP nonfarm employment change figures. Following the mixed stats from the week prior, we can expect sensitivity to the numbers.

Today, US economic indicators include ISM Manufacturing PMI and JOLTs job openings.

For both reports, the markets will look beyond the headline numbers. From the ISM survey, new orders, cost pressures, and employment will likely be focal points, with quit rates an area of interest from the JOLTs report.

While the markets have baked in a 75-basis point November hike, uncertainty lingers over the December move.

Going into the Tuesday session, the FedWatch Tool had the probability of November and December rate hikes at 89.2% and 47.1%, respectively. One week ago, the likelihood of a 75-basis point hike in December stood at 54.9%.

Crypto market sensitivity to US economic indicators and the FED leaves the correlation with the NASDAQ 100 in place near term. This morning, the NASDAQ 100 Mini was up 26.25 points. On Monday, the NASDAQ Composite Index fell by 1.03%.

Crypto Market Ends October Flat to Deliver a Fourth Monthly 2022 Rise

It was a choppy end to the month, with the crypto market rising to a late-morning high of $995.0 billion. However, an early afternoon sell-off saw the market cap slide to a mid-afternoon low of $954.0 billion. Finding late support from the NASDAQ Mini, the market ended the day down $0.506 billion to $971.9 billion.

The flat end of the month delivered only the fourth monthly increase of 2022. In October, the crypto market cap increased by $66.3 billion.

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

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

DOGE rallied by 7.74% to lead the way, with BNB (+3.86%) and XRP (+1.60%) also finding support.

However, BTC (-0.67%), ETH (-1.15%), and SOL (-1.19%) saw red. ADA ended the day flat.

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

Chain (XCN) surged by 27.02% to lead the way, with DOGE and OKB (OKB) seeing gains of 7.74% and 6.29%, respectively.

However, toncoin (TON) slid by 8.04% to lead the way down, with terraclassicUSD (USTC) and klaytn (KLAY) seeing losses of 2.84% and 3.16%, respectively.

24-Hour Crypto Liquidations Inch Higher in a Choppy Month-End Session

Over 24 hours, total liquidations increased but remained at more normal levels. At the time of writing, 24-hour liquidations stood at $114.39 million, up from $93.62 million on Monday morning.

Liquidated traders over the last 24 hours declined, however. At the time of writing, liquidated traders stood at 48,852 versus 60,216 on Monday morning. Liquidations were down over one and four hours while up over 12 hours.

According to Coinglass, 12-hour liquidations rose from $44.82 million to $68.54 million. However, four-hour liquidations fell from $14.88 million to $5.43 million, with one-hour liquidations down from $3.49 million to $1.18 million.

The chart below shows market conditions throughout the session.