- It is a bullish Thursday session for the crypto top ten, with XRP leading the way.
- Following Wednesday’s Fed rate hike and projections, the crypto market decoupled from the NASDAQ 100, which ended the day in negative territory.
- The total crypto market cap is up by $42.0 billion to $904.3 billion, with 40-minutes of the session remaining.
It is a bullish Thursday session for the crypto top ten. XRP is the trailblazer, supported by investor optimism toward a favorable outcome to the SEC v Ripple case. The successful hard fork of the Cardano (ADA) mainnet was another crypto market positive event.
However, despite the bullish session, BTC fell short of $20,000 for a fourth consecutive session. The US economic calendar was on the lighter side, with better-than-expected US jobless claims having a muted impact on crypto investor sentiment.
The lack of stats supported a crypto decoupling from the NASDAQ 100, which fell by 1.37% on Thursday. Market reaction to the Fed policy decision and FOMC projections continued to pressure tech stocks, with the markets having few distractions to shift sentiment.
Later today, we could see US economic indicators influence the crypto market. Prelim private sector PMI numbers for September are due. However, another divergence from the NASDAQ 100 could raise hopes of an end to the crypto winter. An SEC loss in the case against Ripple, or a settlement, could ease fears of the SEC gaining the authority to oversee the entire digital asset space.
Crypto Market Cap Rises on a Decoupling from the NASDAQ
On Thursday, the crypto market cap fell to an early low of $856.7 billion before rising to a final hour high of $913.6 billion. With 40 minutes of the Thursday session remaining, the crypto market cap is up $42.0 billion to $904.3 billion.
However, the crypto market is down $49 billion for September.
The Crypto Market Movers and Shakers from the Top Ten and Beyond
It is a bullish Thursday session for the crypto top ten.
From the CoinMarketCap top 100, it is a bullish session.
24-HourCrypto Liquidations Slide Back Bullish Crypto Session
Over 24 hours, total liquidations tumbled as the crypto market decoupled from a bearish NASDAQ 100 session. At the time of writing, 24-hour liquidations stood at $110.35 million, down from $318.09 million on Thursday morning.
Liquidated traders over the last 24 hours also fell. At the time of writing, liquidated traders stood at 38,827 versus 88,169 on Thursday morning. Liquidations over twelve and four hours were down, while one-hour liquidations increased.
According to Coinglass, 12-hour liquidations stood at $65.30 million, down from $291.50 million on Thursday morning, with four-hour liquidations falling from $148.65 million to $24.70 million.
However, one-hour liquidations increased from $2.78 million to $6.44 million, reflecting the pullback from the high of the session. The chart below shows market conditions throughout the session.