Crypto Market Daily Highlights – XRP Led a Mixed Top Ten Session

Key Insights:

• It was a mixed Thursday session for the crypto top ten. XRP led the top ten, with a return to $0.40.
• While easing, lingering FTX contagion risk tested buyer appetite at current levels.
• The crypto market cap rose by a modest $3.8 billion to $791.9 billion.

It was a mixed Thursday session for the crypto top ten. XRP led the way, while MATIC struggled in a relatively range-bounds session. Notably, BTC avoided sub-$16,000 for the second consecutive session.

With the US Thanksgiving holiday, it was a quiet Thursday session. There were no material updates on FTX to provide direction.

While contagion risk has eased following news of the FTX cash holdings and investor interest in FTX assets, uncertainty over the outlook for FTX’s largest creditors remains.

Updates from FTX debtors will likely be a key influence near term. News of new asset discoveries would further ease FTX contagion risk. However, regulatory risk will need consideration as regulators continue to respond to the collapse of FTX.

For investors in search of a positive spin, Chainalysis made a comparison between FTX and Mt. Gox on Thursday. Chainalysis said,

“Big picture: FTX’s collapse has shaken the crypto market. But it is not the first time crypto has faced significant turmoil related to the collapse of an exchange.”

In comparing the collapse of FTX with Mt. Gox, Chainalysis went on to say,

“First thing we need to ask: How prominent were Mt. Gox and FTX within the overall crypto exchange ecosystem. In the year prior to its closure, Mt. Gox averaged a 46% share of all exchange inflows, while FTX averaged around 13%.”

Considering the dented confidence, another quiet day on the crypto news wires should deliver broader market support. The US markets are on a shortened session, with no economic indicators to distract investors.

Crypto Market Rises for a Third Consecutive Day on Easing FTX Contagion

It was a bullish Thursday session. The crypto market rose to an early high of $802.9 billion before falling to an afternoon low of $780.5 billion. However, finding late support, the crypto market revisited $792 billion before easing back.

The bullish session left the market cap up $3.8 billion to $791.9 billion, reducing the November deficit to $188 billion.

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

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

XRP led the way, rallying by 5.38%, with ETH (+1.63%) and BNB (+0.47%) also avoiding the red.

However, MATIC led the way down, falling by 1.53%, with ADA (-0.63%), BTC (-0.04%), and DOGE (-0.49%) also seeing red.

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

BinaryX (BNX) and GMX (GMX) led the way, with gains of 9.15% and 7.59%, respectively. XRP was also a front-runner.

However, apecoin (APE) led the way down, with a loss of 4.05%, with arweave (AR) and decred (DCR) falling by 3.49% and 3.30%, respectively.

24-Hour Liquidations Slide on Thanksgiving Holiday

Over 24 hours, total liquidations fell further back on Thursday. At the time of writing, 24-hour liquidations stood at $43.88 million versus $92.83 million on Thursday morning.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 15,589 versus 29,688 on Thursday morning. Liquidations were down over 12 and four hours and over one hour.

According to Coinglass, 12-hour liquidations fell from $48.10 million to $15.10 million, with four-hour liquidations down from $5.98 million to $1.33 million. One-hour liquidations were down from $3.58 million to $0.253 million.

The chart below shows market conditions throughout the session.