24 Hrs Crypto Update, Jan 19: Global Crypto Market Surged Significantly

The broader crypto market climbed significantly and showed gains in the last 24 hours due to macroeconomic circumstances. As a result, the prices of Bitcoin, Ethereum, and Shiba Inu showed bullish sentiments.

At the time of writing, the global cryptocurrency market cap has surged 0.8% in the last 24 hours to $0.998 trillion. As per CoinGabbar data, the total crypto market volume in the last 24 hours was $81.91 billion.

The crypto market leader, Bitcoin price is currently trading at $21,031. This follows a 1.6% increase in the last 24 hours. As a result, its market capitalization stands at $400.19 million. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,547.2, which increased by 1.9% in the last 24 hours. 

Cryptocurrencies Price Action

The price of XRP has increased by 3% in the last 24 hours. XRP is currently ranked 6th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of XRP was trading at $0.3902.

In addition, the price of Cardano increased by 2.9% in the last 24 hours. ADA is currently ranked 8th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the ADA price was trading at $0.3378.

Furthermore, Shiba Inu (SHIB) continues to gain momentum and is currently trading at $0.00001151. It increased by 4.8% in the last 24 hours.

What Turns the Crypto Market Bullish?

The global crypto market has turned bullish because of the massive movement of large whales. As per reports, the whales became active and started buying assets at lower prices, assisting the market in regaining a bullish momentum.

However, the US equity market showed bearish sentiment in its yesterday’s (Jan 19) trading session, indicating a breaking correlation between the two markets. 

Major Events Around the World

• CoinGabbar, India’s leading crypto research & information marketplace, has officially launched the biggest memecoin giveaway of 150 million Shiba Inu tokens for 1000 lucky participants. The SHIB token giveaway is now live on CoinGabbar's official website.

• As per recent reports, the crypto media platform CoinDesk is exploring a potential sale. The move came after its parent company DCG seeks to strengthen its balance sheet.

• Microsoft developed a diffusion model capable of converting a single 2D image of a human face into a 3D avatar. The diffusion model was developed by a team of Microsoft Research experts.

COINGABBAR Views: If the current trend continues, the market will surge further. The bullish trend in the market has persisted for some time and appears to be continuing, as indicated by the current influx.

Also read: Possible SEC victory over Ripple? Lawyer gives XRP Drops Hint