Daily Crypto Market Highlights – BTC price reaches $21,000

the main ideas:

  • Saturday’s session was bullish for the cryptocurrency top ten, as the broader cryptocurrency market extended its winning streak to seven sessions.
  • FTX contagion easing continued to drive demand, with market sentiment towards Fed policy and positive US economic outlook also positive.
  • The cryptocurrency market capitalization increased by $42.79 billion to end the day at $939.63 billion.

It was a bullish session for top ten cryptocurrencies on Saturday. ETH and MATIC round out the top ten. Notably, BTC visited $21,000 for the first time since November 7 and the FTX crash.

On Saturday, the momentum from Friday spilled into the morning session. Investors also responded to US corporate earnings and economic indicators.

Reducing the risk of FTX contagion has also continued to drive demand for cryptocurrencies, with recent news suggesting that losses to creditors will be minimal. $5 billion in cash and $4.6 billion in non-strategic assets could cover the estimated $8 billion financing gap.

However, the cryptocurrency market has resurfaced this morning. Earnings that have been off the back of a seven-day winning streak likely contributed to the decline. Despite the pullback, momentum favors the bulls and the possibility of an afternoon bounce. With US markets closed on Monday, investors will have to wait until Tuesday for economic indicators and corporate earnings to provide guidance.

Total Market Cap – NASDAQ – 150,123 Hourly Chart

The cryptocurrency market spans seven consecutive sessions

It was a bullish Saturday session. A bullish start to the day saw the cryptocurrency market cap rise from $892.54 billion to a first-hour high of $965.17 billion before retreating.

The cryptocurrency market cap fell again to a morning low of $913.63 billion before recovering to end the day at $939.63 billion, recording a gain of $42.79 billion for the day. The cryptocurrency market capitalization increased by $142 billion this week.

Total market cap 150,123 daily chart

Cryptocurrency market movers and shakers from the top ten and beyond

Saturday’s session was bullish for the cryptocurrency top ten.

ETH and MATIC are up 6.77% and 7.34%, respectively, with BTC up 5.20%.

ADA (+2.02%), BNB (+3.88%), DOGE (+2.95%) and XRP (+2.41%) were behind the leaderboards.

Of the CoinMarketCap Top 100, it was a mixed session.

Compound (COMP) rose by 32.97%, with aptose (APT) and helium (HNT) rising by 13.20% and 16.75%, respectively.

However, Gala (GALA) and Terra classic (LUNC) saw losses of 2.26% and 0.16%, respectively.

24-hour liquidation at the top of a bearish daily turnaround

Over the course of 24 hours, cryptocurrency liquidations surged overnight as investors cashed in on a seven-session winning streak. At the time of writing, liquidations over the 24-hour period were $223.20 million, up from $190.59 million on Saturday morning.

Traders who were liquidated in the last 24 hours are also up. At the time of writing, the number of liquidated traders is 69,043 as against 47,209 on Saturday morning. Cryptocurrency liquidations were lower in 12 and 4 hours and over 1 hour.

Total cryptocurrency liquidation 150123

According to Conglass, 12-hour eliminations were $48.30 million, down from Saturday’s $161.06 million, with four-hour eliminations down from $118.09 million to $24.96 million. One-hour liquidations were $4.51 million, up from $7.77 million Saturday morning.

The chart below shows market conditions throughout the session.

Total market cap 150,123 hourly chart

Daily Crypto Market Highlights – BTC Reaches $21,000 – Coinphony [SV]

Leave a Reply

Your email address will not be published. Required fields are marked *