Key Insights:
- It was a bullish Sunday session for the top 10 cryptocurrencies, with ADA leading.
- Hopes for a soft landing and a strong start to the week for the NASDAQ mini supported the breakout session.
- Cryptocurrency market capitalization increased by $13.78 billion to end the day at $797.73 billion.
It was a bullish session for the top 10 cryptocurrencies on Sunday, led by ADA and BNB. BTC also found support, ending the day above $17,000 for the first time since December 15th.
After Saturday’s session was range bound, Sunday’s session ended on a bullish note as Asian markets reacted further to Friday’s US employment data and ISM non-manufacturing PMI survey, ending a positive week.
The ISM manufacturing and non-manufacturing PMIs signaled a recession in the US economy, but hopes of a soft landing delayed and provided support. Expectations that the Federal Reserve will make his 50 basis point rate hike in February have dropped, easing concerns about his landing hard. There were no cryptocurrency events to fuel the late rally.
Today is a quiet day on the US economic calendar, with no economic indicators for investors to consider. However, the FOMC member’s comments and his NASDAQ index could have an impact in the afternoon session. This morning the Nasdaq Mini is up his 14.25 points.
Investors should also monitor crypto newswires for updates from the ongoing investigation into the SEC v Ripple case, Huobi Global news, and Binance US.
Crypto Markets Lagging U.S. Economic Optimism
It was a strong Sunday session. On a bearish start, cryptocurrency market capitalization has plunged to an early low of $780.54 billion. However, after recovering from its lows, the cryptocurrency market capitalization surged to an all-time high of $801.96 billion in the final hour before falling again.
Despite the pullback, cryptocurrency market capitalization closed the session at $797.73 billion, up $13.78 billion in a single day.
Top 10+ Crypto Market Movers and Shakers
It was a bullish Sunday session for the crypto top ten.
ADA and BNB lead with gains of 7.22% and 5.13% respectively, while MATIC (+4.24%) finds strong support.
BTC (+1.07%), ETH (+2.06%), DOGE (+1.66%) and XRP (+0.20%) followed the top runners.
From the CoinMarketCap Top 100, it was a mixed session.
Lido DAO (LDO) jumped 32.32% while zilliqa (ZIL) and optimism (OP) rose 24.33% and 15.45% respectively.
However, GMX (GMX) fell 2.38% while OKB (OKB) and Monero (XMR) posted losses of 0.98% and 0.41% respectively.
Late Sunday Breakout Surges 24-Hour Clearings
Over the 24-hour period, cryptocurrency liquidations returned to normal levels, with late breakouts driving liquidations higher. As of this writing, 24-hour liquidations were at $104.88 million versus $10.92 million on Sunday morning.
Traders liquidated in the last 24 hours are also higher. At the time of writing, liquidated traders were at 39,050 versus 6,193 on Sunday morning. Crypto clearings are high at 12 and 4 hours, and over 1 hour.
Twelve-hour clearings increased to $96.52 million from Sunday’s $6.09 million, while four-hour clearings increased to $60.15 million from $3.91 million, according to Coinglass. One-hour liquidations were $23.95 million compared to $2.23 million on Sunday morning.
The chart below shows the market situation for the entire session.
