Cryptocurrency Market Daily Highlights – XRP Surges While ETH Sees Red

the main ideas:

  • Friday’s session was mixed for the top ten cryptocurrency space. XRP is leading the way, while ETH continues to struggle after the merger.
  • The discovery of market fears of a US recession has reconnected the cryptocurrency market once again, with the Nasdaq 100 index dropping 0.90% to end the week deep in negative territory.
  • The total crypto market capitalization increased by a modest $0.626 billion to $925.34 billion.

Friday’s session was mixed for the top ten cryptocurrency space. ETH led the way down, as investors continued to jump ship in the wake of the Ethereum merger. But XRP topped the top ten, while (BTC) fell below $20,000 for the first time since September 8, despite ending the day in positive territory.

The market reaction to the Ethereum merger continued to weigh, with ETC and RVN continuing to decline. However, investors ignored recession fears, which weighed on the Nasdaq 100 index.

On Friday, the Nasdaq 100 was down 0.90%. The downtrend hit after the release of FedEx earnings (FDX) and news that FedEx is backing away from its financial expectations amid expectations of weak economic conditions. FedEx stock fell 21.44% on Friday.

Total Market Cap – NASDAQ – 170,922 5-Minute Chart

Crypto Market Avoids Red Despite Ethereum Consolidation Fallout Continues

On Friday, the cryptocurrency market cap rose to $936.6 billion late in the morning before dropping to $903.7 billion. The downward pressure came as fears about a US recession returned and investors responded more to the Ethereum consolidation.

Better-than-expected consumer confidence data did not provide support. According to preliminary figures, Michigan’s consumer confidence index rose from 58.2 to 59.5 in September.

However, the forecast for a 1 percentage point increase by the Federal Reserve was positive in crypto. According to the CME FedWatch Tool, the chance of a rate hike increased by 75 basis points from 77% to 82% in the past 24 hours. The odds of increasing by one percentage point decreased from 23% to 18%.

After Thursday’s sell-off fueled by the Ethereum Merge, the cryptocurrency market capitalization increased by $0.626 billion to reach $925.34 billion. During the current week, the market capitalization decreased by $101 billion.

Total market capitalization 170922 daily chart

Crypto market movers and shakers from the top ten and beyond

Friday’s session was mixed for the top ten cryptocurrency space.

XRP gained 9.23%, with DOGE gaining 3.17% to return to the top ten in the crypto space. ADA (+1.93%), BNB (+1.44%), BTC (+0.50%) also avoided the red.

However, ETH and SOL bucked the trend, dropping 2.64% and 2.47%, respectively.

From CoinMarketCap Top 100, it’s a mixed session.

Terra Classic (LUNC) and Terra (LUNA) rebounded, with gains of 15.56% and 17.36%, respectively. Cosmos (Atom) stock is up 11.42%, boosted by plans to launch a liquid investment.

On the downside, Celsius (CEL) and Ravencoin (RVN) led the way for the decline, falling by 11.77% and 8.79%, respectively. Kyber Network (KNC) was also among the worst performers, down 5.61%.

24-hour cryptocurrency liquidations drop to normal levels in a mixed session

Over the 24-hour period, overall liquidations are back to normal as market jitters ebbed after Thursday’s Ethereum Merge sell-off. At the time of writing, 24 hour liquidations are at $130.21 million, down from $287.54 million Friday morning.

Traders who were liquidated in the last 24 hours also declined. At the time of writing, 50,469 traders have been liquidated versus 79,750 on Friday morning. Liquidations also decreased over a period of twelve hours, four hours and one hour.

Total Cryptocurrency Liquidations 170922

According to Coinglass, 12-hour liquidations totaled $93.63 million, down from $164.90 million Friday morning, with 4-hour liquidations dropping from $21.56 million to $11.27 million. One-hour liquidations decreased from $7.22 million to $2.24 million. The chart below shows market conditions throughout the session.

Total market capitalization 170922 hourly chart

Crypto Market Daily Highlights – XRP Rally As ETH Sees Red – Coinphony [SV]

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