The broader crypto market shows positive momentum.
Crypto market surge due to whale accumulation.
The prices of BTC, ETH, SOL, and DOGE are in green.
In the past few hours and book some significant profit due to macroeconomic circumstances. As a result, the prices of Bitcoin, Ethereum, DogeCoin, and Cardano are trading in green.
At the time of writing, the global cryptocurrency market cap jumps 2.2% in the last 24 hours to $0.890 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $52.16 billion.
The crypto market leader, Bitcoin price is currently trading at $16,916. This follows a 4.64% increase in the last 24 hours. As a result, its market capitalization stands at $317.19 billion.
As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,276.6, which increased by 9.49% in the last 24 hours.
The price of Cardano (ADA) has increased by 4.5% 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 $0.3182.
In addition, the price of XRP increased by 6.17% 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 $0.4062.
DogeCoin (DOGE) continues to gain traction among cryptocurrency traders and influencers. It increased by 14.5% in the last 24 hours and is currently trading at $0.1078.
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 purchasing assets at lower prices, assisting the market to regain its bullish momentum.
In an interview, former FTX CEO Sam Bankman-Fried admitted that the exchange was utilizing Alameda's bank accounts to wire customer deposits. As per reports, some customers were encouraged to wire their deposits through Alameda, which had a banking connection with fintech bank Silvergate Capital.
Following FTX's liquidity concerns and bankruptcy, US Senate Finance Committee Chair Ron Wyden has requested information from six crypto firms on consumer protection.
COINGABBAR VIEWS: The current market circumstances have triggered the crypto market to achieve a bullish trend. However, the crypto market remain very stable in the past day, and it appears to be continuing, as evidenced by the current influx.
Read also: 40K Covid-19 Cases Reported in China: Another Crypto Bull Run Awaited?
