It was a bullish Wednesday session for the crypto top ten, with SOL leading the recovery.
Crypto news updates delivered a broad-based crypto rally while the NASDAQ Index saw red.
The crypto market cap jumped by $24.12 billion to end the day at $1,001 billion.
It was a bullish session for the crypto top ten on Wednesday. SOL led a top-ten recovery of Tuesday’s losses. Notably, BTC wrapped up the day at $23,000 for the first time since August 18.
There were no US economic indicators to guide investors on Wednesday. US corporate earnings had a muted impact on investor sentiment, with the broader crypto market decoupling from the NASDAQ Index.
On Wednesday, the NASDAQ Composite Index slipped by 0.18%.
Total Market Cap – NASDAQ – 260123 Hourly Chart
While the US economic and corporate earnings calendars failed to influence, the crypto news wires delivered a bullish session.
This week, news hit the wires of Goldman Sachs (GS) ranking BTC as the world’s best-performing asset. On a total return basis, BTC outmuscled the MSCI Emerging Markets Index and asset classes, including gold, 10-year US Treasuries, and the NASDAQ Index.
The latest ranking reflects the crypto market full circle since the collapse of FTX. News of an FTX revival has been the key factor behind the crypto market U-turn.
While the Goldman Sachs ranking is bullish for BTC and the broader crypto market, easing FTX contagion risk and hopes of a painless Genesis bankruptcy delivered mid-week support. However, the news of Celsius permitting customers to withdraw post-bankruptcy deposited funds was also positive.
On Wednesday, we also covered a Twitter poll that gave respondents the choice of a BTC correction or a bullish breakout to $25,000. According to the final results, 48.1% of respondents voted for a BTC correction, while 51.9% favored a BTC breakout to $25,000.
Today, US economic indicators will likely provide direction. US jobless claims and Q4 GDP numbers could support a Fed pivot, which would be a bullish signal for riskier assets. However, investors should continue to monitor the crypto news wires for updates on FTX, Genesis, Binance, and any regulatory chatter.
Crypto Market Bulls Take Control on Improving Crypto Environment
It was a choppy Wednesday session. A bearish start to the day saw the crypto market cap slide to an early low of $960.74 billion. However, a late rally saw the crypto market cap surge to a high of $1,026 billion before easing back. Despite the pullback, the crypto market cap ended the session at $1,001 billion, marking a $24.12 billion gain for the day.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It was a bullish session for the crypto top ten.
SOL rallied by 7.64% to lead the way, with ADA (+3.90%) and ETH (+3.63%) finding strong support.
However, BNB (+2.13%), BTC (+1.89%), DOGE (+2.86%), and XRP (+2.26%) trailed the front runners.
From the CoinMarketCap top 100, it was a bullish session.
Aptos (APT) surged by 48.54% to lead the way, with mina (MINA) and optimism (OP) seeing gains of 22.67% and 19.60%, respectively.
However, kava (KAVA) declined by 4.06%, with bitcoin SV (BSV) falling by 1.20% to buck the broader market trend.
24-Hour Liquidations Rise Higher in a Choppy Mid-Week Session
Over 24 hours, crypto liquidations rose further above-normal levels because of a sharp increase in liquidations in the afternoon session. Short positions saw a larger share of liquidations, accounting for 63.4% of total liquidations. At the time of writing, 24-hour liquidations stood at $238.29 million versus $196.52 million on Wednesday morning.
However, liquidated traders over the last 24 hours were lower. At the time of writing, liquidated traders stood at 55,961 versus 59,258 on Wednesday morning. Crypto liquidations were higher over 12 hours and one hour while lower over four hours.
Total Crypto Liquidations 260123
According to Coinglass, 12-hour liquidations stood at $184.02 million versus $173.88 million on Wednesday, with one-hour liquidations up from $5.88 million to $7.64 million. However, four-hour liquidations slipped from $143.48 million to $134.71 million.
The chart below shows market conditions throughout the session.
This article has been originally published at: https://www.fxempire.com/forecasts/article/crypto-market-daily-highlights-sol-leads-the-top-ten-rebound-1265489