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Crypto Market Daily Outlook: NASDAQ Offers Last-Hour Support

  • The crypto space saw mixed sessions on Monday, with DOGE bucking the trend as XRP led the pack.
  • Meanwhile, NASDAQ mini offered much-required support as the session was about to end.
  • The crypto market capitalization increased by $4.92B to close Monday at $774.86 Billion.

The top ten crypto assets presented a mixed session on Monday. Dogecoin bucked the broad trend as XRP led the pack. Bitcoin failed to reclaim $17K for the 6th successive session. There weren’t cryptocurrency events to direct market players, with the updates traffic remaining light during holidays.

Nonetheless, news from the United States supported NASDAQ mining and the crypto market during the final hour. MasterCard revealed that United States retail sales surged 7.6% between 1 November and 24 December – better than the predicted 7.1% increase.

Moreover, retail sales soared by 8.5% in that timeframe in 2021. Though down than last year, the figures were impressive enough to propel risk assets. Today, United States economic indicators will attract attention, with markets awaiting the trade data and housing sector readings. Nonetheless, excluding the widening in the United States trade shortfall, the housing stats will potentially have more impact.

Also, investors will have to watch updates for FOMC chatter and cryptocurrency events when interacting with the markets. Finally, the NASDAQ Index will offer direction during the afternoon session with the festivities. The NASDAQ mini gained 82.25 points today morning.

Crypto Market Enjoys NASDAQ-Mini-Triggered Last-Hour Rally

The financial space saw mixed actions yesterday, with the United States and European markets closed due to the holidays. The cryptocurrency market capitalization dipped to $766.19B late afternoon lows on Monday before fluctuating.

A final-hours uptick propelled the metric to $777.11B before retracing to complete the day at around the $774.86 billion mark. Meanwhile, the NASDAQ mini support saw the cryptocurrency market capitalization increase by about $4.92 billion yesterday.

Shakers and Movers

As highlighted before, XRP leg the Monday’s mixed session, gaining 5.69%. Also, MATIC and ADA soared, surging 2.48% and 2.32%, respectively. Other minor upticks emerged from Binance Coin (+0.45%), Bitcoin (+0.59%), and Ethereum (+0.76%). Meanwhile, Dogecoin bucked the trend with a 0.39% slide.

Also, the top 100 displayed mixed moves, according to Coinmarketcap. Terra Classic led the upside with a 9.73% upswing, while XRP and DAO trailed. DAO (LDO) gained 7.03%. Nonetheless, Chain (XCN) dropped 5.81%, with GMX and TON surrendering 1.82% and 2.74%, respectively.

Daily Liquidations Increase Over 12Hrs

Despite the final-hour upsides, cryptocurrency liquidations stayed below normal over 24 hours. 24hr liquidations hovered at $12.87 million during this writing versus early Monday at $22.71 million. Also, liquidated traders on the 24hr chart were below standard zones.

The metric stood near 7,879 during this writing, lower than Monday morning at 8,907. Meanwhile, cryptocurrency liquidations decline over twelve, four, and one hour. Coinglass statistics show twelve-hour liquidations swayed at $6.42M versus Monday’s $21.45 million, with 4hr liquidation plummeting to $2.54 million from $2.68 million. Moreover, 1hr liquidations fell to $1.30 million from $1.57 million.

Meanwhile, the minor rally didn’t confirm continued upsides for the cryptocurrency space. Furthermore, Bitcoin could not conquer the $17K zone again. Bears might flex their muscles again, dragging prices lower. The NASDAQ will influence upcoming moves today as economic data remains light amidst the festive.

You can join us to see what the market will yield in the upcoming session. Stay tuned for the latest market updates.

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