24 Hrs Crypto Update, Jan 05: Global Crypto Market Became Highly Volatile
The global crypto market became highly unpredictable.
The crypto market became volatile because of whales' movements.
The prices of BTC, ETH, SOL, and DOGE remain highly stable in the last 24 hours.
The broader crypto market changes its trend after a brief surge and shows little gains in the last 24 hours due to macroeconomic circumstances. As a result, the prices of Bitcoin, Ethereum, and Cardano are trading with stable momentum.
At the time of writing, the global cryptocurrency market cap has dropped 0.2% in the last 24 hours to $0.853 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $33.99 billion.
The crypto market leader, Bitcoin price is currently trading at $16,852. This follows a 0.15% increase in the last 24 hours. As a result, its market capitalization stands at $324.67 billion.
As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,254.5, which increased by 0.08% in the last 24 hours.
Cryptocurrencies Price Action
The price of Binance (BNB) has increased by 0.07% 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 $257.7.
In addition, the price of Solana increased by 2.6% in the last 24 hours. SOL is currently ranked 16th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of SOL was trading at $13.52.
However, Shiba Inu (SHIB) continues to gain momentum and is currently trading at $0.00000845. It increased by 1.2% in the last 24 hours.
What Turns the Crypto Market volatile?
The global crypto market turns volatile because of the massive movement of large whales. As per reports, following a brief surge, the whales became active and began buying & selling assets at the same time, assisting the market in regaining a stable momentum.
Meanwhile, the US equity market shows losses in its yesterday’s (Jan 05) trading session, indicating a breaking correlation between the two markets.
Major Events Around the World
On January 04, the Federal Reserve released the minutes of its December monetary policy meeting. The minutes confirm the anticipation that the central bank will continue to raise interest rates this year as well.
The US SEC has filed a limited objection against Binance.US' proposed $1 billion buyout of bankrupt crypto lender Voyager Digital, alleging a lack of necessary information.
On January 4, a New York bankruptcy judge ruled that Celsius Network owns the majority of the cryptocurrency assets deposited by customers on its platform.
COINGABBAR Views: If the current trend continues, the market will remain stable. The volatility trend in the market has persisted for some time and appears to be continuing, as indicated by the current influx.
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