24 Hrs Crypto Update, Jan 04: Global Crypto Market Surge Significantly
The global crypto market surged dramatically.
The crypto market became bullish because of whales' movements.
The prices of BTC, ETH, SOL, and DOGE shows gains in the last 24 hours.
The broader crypto market changes its trend after a brief fall and shows gains in the last 24 hours due to macroeconomic circumstances. As a result, the prices of Bitcoin, Ethereum, and Cardano are trading in the green.
At the time of writing, the global cryptocurrency market cap has surged 2.1% in the last 24 hours to $0.855 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $44.33 billion.
The crypto market leader, Bitcoin price is currently trading at $16,830. This follows a 1.06% increase in the last 24 hours. As a result, its market capitalization stands at $324.48 billion.
As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,255, which increased by 3.43% in the last 24 hours.
Cryptocurrencies Price Action
The price of Binance (BNB) has increased by 4.6% in the last 24 hours. BNB is currently ranked 5th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of BNB was trading at $257.6.
In addition, the price of Solana increased by 2.9% in the last 24 hours. SOL is currently ranked 18th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of SOL was trading at $13.22.
However, Shiba Inu (SHIB) continues to gain momentum and is currently trading at $0.00000837. It increased by 3% in the last 24 hours.
What Turns the Crypto Market bullish?
The global crypto market turns bullish because of the massive movement of large whales. As per reports, following a brief fall, the whales became active and began buying assets at a lower price, assisting the market in regaining a bullish momentum.
In addition, the US equity market also shows gains in its yesterday’s (Jan 04) trading session, indicating a correlation between the two markets.
Major Events Around the World
As per reports, Indonesia will establish a crypto exchange in 2023 as part of its crypto regulatory reform. The platform will be introduced prior to the transfer of regulatory authority from commodities to securities authority.
On January 03, the Israel Securities Authority (ISA) announced that the country is planning to establish a new regulatory framework for digital assets. Israel, a Middle Eastern country, is one of the few countries that legally allow cryptocurrency trading.
ANC Pharmacy, one of the country's largest pharmacy chains, has collaborated with Binance Ukraine to launch cryptocurrency payments using the contactless crypto payment tool Binance Pay.
COINGABBAR Views: If the current trend continues, the market will remain bullish further. The volatility trend in the market has persisted for some time and appears to be continuing, as indicated by the current influx.
Read also: After SOL and APT, More Altcoin Breakouts?
