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Key Insights:
- It was a bullish Saturday session for the crypto top 10, with the broader crypto market extending its winning streak to seven sessions.
- Easing FTX spillovers continued to boost demand, while market sentiment on Fed policy and the US economic outlook were also positive.
- Cryptocurrency market capitalization increased by $42.79 billion to end the day at $939.63 billion.
It was a bullish session for the top 10 cryptocurrencies on Saturday. ETH and MATIC lead the top ten. In particular, BTC hit $21,000 on his November 7th and for the first time since the FTX collapse.
On Saturday, Friday’s momentum spilled over into the morning session. Investors reacted more to US corporate earnings and economic data.
The easing of FTX contagion risk also continues to boost demand for the cryptocurrency, with the latest news suggesting creditor losses are negligible. $5 billion in cash and cash equivalents and $4.6 billion in non-strategic assets will cover an estimated $8 billion cash shortfall.
However, the crypto market has reversed this morning. Gaining profits on the back of a seven-day winning streak may have contributed to the decline. Despite the rally, the momentum is in favor of the bulls and a rebound is likely in the afternoon. With US markets closed on Monday, investors will have to wait until Tuesday for economic data and corporate earnings to show direction.
Crypto Markets Extend Winning Streak To Seven Sessions
It was a strong Saturday session. A strong start to the day saw the cryptocurrency market cap surge from his low of $892.54 billion to his one-hour high of $965.17 billion before settling.
Cryptocurrency market capitalization closed the day at $939.63 billion, up $42.79 billion after falling to a midnight low of $913.63 billion. Cryptocurrency market capitalization increased by $142 billion in one week.
Top 10+ Crypto Market Movers and Shakers
It was a bullish Saturday session for the top 10 cryptocurrencies.
ETH and MATIC rose 6.77% and 7.34% respectively, while BTC rose 5.20%.
ADA (+2.02%), BNB (+3.88%), DOGE (+2.95%), and XRP (+2.41%) followed the lead.
From the CoinMarketCap Top 100, it was a mixed session.
Compound (COMP) was up 32.97%, while Aptos (APT) and Helium (HNT) were up 13.20% and 16.75% respectively.
However, gala (GALA) and terra classic (LUNC) lost 2.26% and 0.16% respectively.
24-Hour Liquidations Surge in a Bearish Turn
Over 24 hours, crypto liquidations surged overnight as investors took profits from a seven-session winning streak. At the time of writing, the 24-hour liquidation put him at $223.2 million and on Saturday morning he was at $190.59 million.
Traders liquidated in the last 24 hours are also higher. At the time of writing, liquidated traders were at 69,043 versus 47,209 on Saturday morning. Cryptocurrency liquidations were down in the 12th, 4th, and 1st hours.
Twelve-hour liquidations totaled $48.3 million, down from $161.06 million on Saturday, while four-hour liquidations fell to $24.96 million from $118.09 million, according to Coinglass. One-hour liquidations were $4.51 million versus $7.77 million on Saturday morning.
The chart below shows the market situation for the entire session.
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