Crypto Market Daily Highlights – ADA, BNB and ETH find modest support
Key Insights:
- It was a mixed Saturday in the top ten for crypto, with ADA, BNB and ETH recording bearish top ten trends.
- There was no news to distract investors ahead of Tuesday’s US CPI report and Wednesday’s federal policy decision, leaving investors on a cautious footing.
- The crypto market cap rose by $1.1 billion to $810.7 billion.
It was a mixed Friday session for the crypto top ten. ADA, BNB and ETH have joined the broader crypto market in positive territory. Despite the weak session, BTC is below $17,000 for the second time since November 7.
There were no economic indicators for investors to consider on Saturday. With US markets closed, investors had a chance to digest the latest statistics and look ahead to Tuesday’s US CPI report and the all-important FOMC interest rate decision and economic forecast on Wednesday.
Following Friday’s mass inflation numbers, crypto prices are negative, with some risk ahead of Tuesday’s CPI report. An unexpected rise in US inflation could close the door on the Fed’s December rate hike.
Going into Monday’s session, bets are on for a 50-basis-point rate hike on Wednesday. According to the FedWatch tool, the probability of a 75-basis point rate hike stands at 21.8% versus 78.2% for a 50-basis point move.
Today, the lack of crypto news leaves the investors to follow the NASDAQ mini at the deadline (UTC).
The crypto market sees a slight increase ahead of Tuesday’s CPI report
On Saturday, the crypto market cap fell to a morning low of $807.1 billion before finding support. The crypto market cap rose to $819.4 billion by mid-afternoon.
However, a late pullback lifted the market’s $1.1 billion to $810.7 billion for the period.
Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a mixed Saturday session for the crypto top ten.
DOGE (-0.52%) and XRP (-0.61%) are leading the way down, while BTC (-0.02%) and MATIC (-0.10%) are struggling.
However, ADA (+0.32%), BNB (+0.77%) and ETH (+0.28%) found support to end the day in positive territory.
From CoinMarketCap top 100, it is a mixed session.
Osmosis (OSMO), Graphu (GRT) and axie infinity (AXS) were among the front runners. OSMO gained 16.09%, while GRT and AXS gained 10.49% and 3.43% respectively.
However, Chain (XCN) led lower with a slide of 9.36%, lido DAO (LDO) and quant (QNT) showed losses of 1.72% and 1.40% respectively.
24-hour liquidity fluctuates when trading volumes fall
Over 24 hours, crypto liquidations fell on Saturday, with trading volumes slipping ahead of next week’s US CPI report and the Federal Reserve’s interest rate decision.
At the time of writing, 24-hour liquidity stood at $7.50 million versus $20.67 million on Saturday morning.
Liquidity traders have also decreased in the last 24 hours. As of this writing, Saturday morning traders stood at 4,475 versus 7,841. Crypto liquids fell by more than 12 in four hours over one hour.
According to Coinglass, 12-hour liquidity dropped from $12.87 million to $5.43 million. However, four-hour liquidity increased from $1.49 million to $1.56 million, while one-hour liquidity increased from $0.199 million to $0.870 million.
The table below shows the market conditions during the session.
