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24 Hrs Crypto Update 28, Nov: Global Crypto Market Dropped Dramatically

  • The broader crypto market shows negative momentum

  • The crypto market again shows a correlation with the US equity market.

  • The prices of BTC, ETH, SOL, and DOGE are in red.

29-Nov-2022 By: Shailja Joshi
24 Hrs Crypto Update

The broader crypto market experiences some bearish momentum 

And suffers small losses due to macroeconomic circumstances. As a result, the prices of Bitcoin, Ethereum, DogeCoin, and Cardano continue to fluctuate dramatically.

At the time of writing, the global cryptocurrency market cap drops 1.2% in the last 24 hours to $0.852 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $53.96 billion.

The crypto market leader, Bitcoin price is currently trading at $16,174. This follows a 1.6% decrease in the last 24 hours. As a result, its market capitalization stands at $310.9 billion. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,166.6, which decreased by 2.49% in the last 24 hours. 

Cryptocurrencies Price Action

The price of Cardano (ADA) has decreased by 2.4% in the last 24 hours. ADA is currently ranked 9th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of ADA was trading at $0.305. 

In addition, the price of XRP decreased by 2.3% in the last 24 hours. XRP is currently ranked 7th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of XRP was trading at $0.3861.

DogeCoin (DOGE) continues to fade its traction among cryptocurrency traders and influencers. It decreased by 3.7% in the last 24 hours and is currently trading at $0.09439.

What Turns Crypto Market Bearish?

The global crypto market showed some negative momentum in yesterday’s trading session. Meanwhile, the US equity market also shows similar losses, which again creates a correlation between the two markets. The US equity market dropped 1.5% in its last trading session.

Major Events Around the World
  • Official sources claimed on Monday that hackers have allegedly demanded an estimated ₹200 crore in cryptocurrency from the All India Institute of Medical Sciences (AIIMS), Delhi, as its server has been down for the sixth day in a row.

  • As per recent reports, crypto lender BlockFi will file for chapter 11 bankruptcy. BlockFi has begun official restructuring proceedings in order to stabilize the firm and maximize value for all clients and stakeholders.

  • Meta has been fined by Irish privacy regulators for its management of user data. The €265 million fine stems from an investigation by the Irish Data Protection Commission.

COINGABBAR VIEWS: If the current situation persists, the market will most likely fall further. The market's negative trend has remained for some time, and it appears to be continuing, as evidenced by the current influx.

Read also: Will Apecoin's Upcoming Major Launch Revive NFTs?

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