Crypto Market Daily Highlights – XRP Leads a Mixed Top Ten

Key Insights:

• It was a mixed Monday session for the crypto top ten. ADA and ETH bucked a bullish trend.
• The NASDAQ Index and Genesis bankruptcy news updates delivered a bullish session.
• The crypto market cap rose by $9.02 billion to end the day at $1,000 billion.

It was a mixed session for the crypto top ten on Monday. ADA and ETH bucked a bullish top-ten trend while XRP led the way. Notably, BTC revisited $23,000 for the third time since August while failing to strike a new 2023 high.

A bullish NASDAQ Index session delivered support on Monday, with tech stocks in rally mode. The bullish start to the week came ahead of a busy earnings calendar, with Microsoft (MSFT) and Tesla (TSLA) among the big names to release earnings this week.

The NASDAQ Index rose by 2.01%, with the S&P 500 rising by 1.19%.

From the crypto news wires, Gemini announced plans to cut its workforce by 10%, while Genesis lawyers and creditors were reportedly optimistic about resolving the disputes with creditors. Genesis lawyers also told the Court that they are exploring the possibility of selling the firm to make creditors whole.

It was a crypto market-friendly start to bankruptcy proceedings, supporting the bullish start to the week.

Today, US economic indicators and corporate earnings will likely provide the NASDAQ Index and the crypto market with direction in the afternoon session.

Prelim January private sector PMIs will need to be better than expected to support a bullish session. Microsoft (MSFT) will release earnings results that will also draw interest. However, updates on FTX and Genesis will likely have more influence on the broader crypto market.

This morning, the NASDAQ mini was down 11.75 points.

Crypto Market Wraps Up the Day at $1 Trillion

It was a bullish Monday session. After a bullish morning, the crypto market cap rose to an early afternoon high of $1,014 billion before hitting reverse. The reversal saw the crypto market cap fall to a low of $979.69 billion. However, a bullish end to the session left the crypto market cap at $1,000 billion for the day, marking a $9.02 billion increase.

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

It was a mixed session for the crypto top ten.

XRP rallied by 5.97% to lead the way, with BNB (+0.69%), BTC (+0.87%), DOGE (+0.11%), and SOL (+0.45%) finding support.

However, ADA (-0.27%) and ETH (-0.08%) bucked the trend with modest losses.

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

STEPN (GMT) rallied by 17.69% to lead the way, with lido DAO (LDO) and celo (CELO) seeing gains of 14.25% and 9.52%, respectively.

However, aptos (APT) fell by 4.66%, with the sandbox (SAND) and uniswap (UNI) seeing losses of 1.83% and 2.49%, respectively.

24-Hour Liquidations See Modest Decline Despite a Bullish Session

Over 24 hours, crypto liquidations remained at lower levels despite a choppy session. Long positions saw a larger share of liquidations, accounting for 56.3% of total liquidations. At the time of writing, 24-hour liquidations stood at $103.65 million versus $118.57 million on Monday morning.

Liquidated traders over the last 24 hours were also lower. At the time of writing, liquidated traders stood at 30,122 versus 39,186 on Monday morning. Crypto liquidations were lower over 12 and four hours and over one hour.

According to Coinglass, 12-hour liquidations stood at $73.73 million, down from $79.72 million on Monday, with four-hour liquidations falling from $16.66 million to $8.56 million. One-hour liquidations fell from $1.50 million to $0.824 million.

The chart below shows market conditions throughout the session.