24 Hrs Crypto Update, Jan 02: Global Crypto Market Surge Significantly
The global crypto market has increased dramatically.
The crypto market became bullish because of whales' movements.
The prices of BTC, ETH, SOL, and DOGE show 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 with bullish momentum.
At the time of writing, the global cryptocurrency market cap has surged 1.2% in the last 24 hours to $0.840 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $29.75 billion.
The crypto market leader, Bitcoin price is currently trading at $16,670. This follows a 0.65% increase in the last 24 hours. As a result, its market capitalization stands at $321.52 billion.
As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,213.4, which increased by 1.5% in the last 24 hours.
Cryptocurrencies Price Action
The price of Binance (BNB) has increased by 1.3% 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 $245.4.
In addition, the price of Solana increased by 13.2% 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 $11.14.
Shiba Inu (SHIB) continues to gain momentum and is currently trading at $0.00000818. It increased by 1.33% 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 lower prices, assisting the market in regaining a bullish momentum.
Meanwhile, the US equity market remains bearish in its yesterday’s (Jan 02) trading session, indicating a breaking correlation between the two markets.
Major Events Around the World
Jared Grey, CEO of SushiSwap, a decentralized crypto exchange, has proposed a new tokenomics to increase the liquidity of his platform. As per the proposal, time-lock levels for emission-based rewards would be introduced, along with a token-burning mechanism and a liquidity lock for price support.
On January 01, one of Bitcoin's early developers, Luke Dashjr, revealed that he had lost $3.6 million in a hack. Dashjr stated that his PGP key had been compromised and that he had no idea how this happened.
COINGABBAR Views: If the current trend continues, the market will surge 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: What Led the Solana Price to Rise 12% in One Day?
