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24 Hrs Crypto Update, Dec 1: Global Crypto Market Changes Its Trend

  • The broader crypto market shows negative momentum

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

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



02-Dec-2022 By: Rohit Tripathi
24 Hrs Crypto Update

The broader crypto market changed its momentum and shows losses in the last 24 hours due to macroeconomic circumstances. As a result, the prices of Bitcoin, Ethereum, DogeCoin, and Cardano are unpredictable.

At the time of writing, the global cryptocurrency market cap drops 1.2% in the last 24 hours to $0.896 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $50.49 billion.

The crypto market leader, Bitcoin price is currently trading at $16,999. This follows a 1% decrease in the last 24 hours. As a result, its market capitalization stands at $327.16 billion. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,281.3, which decreased by 1.5% in the last 24 hours. 

Cryptocurrencies Price Action

The price of Cardano (ADA) has decreased by 1.56% 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 $0.3157. 

In addition, the price of XRP decreased by 3.33% 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 $0.3973.

DogeCoin (DOGE) continues to fade its traction among cryptocurrency traders and influencers. It decreased by 4.63% in the last 24 hours and is currently trading at $0.10293.

What Turns Crypto Market Volatile?

The global crypto market turns volatile because of the massive movement of large whales. As per reports, following a brief rebound, the whales became active and began dumping assets at higher prices, assisting the market to regain its bearish momentum.

In addition, the US equity market in its yesterday trading session also remains highly volatile, which again shows a correlation between the two markets.

Major Events Around the World
  • Italy plans to strengthen digital asset regulation and expand taxation on crypto trading from 2023, after similar measures taken by European countries such as Portugal.

  • Sam Bankman-Fried, the former CEO of the bankrupt crypto exchange FTX, made his first public appearance at the New York Times DealBook Summit on November 30.

  • Despite the crypto winter, countries around the world are launching their own trial versions of Central Bank Digital Currency (CBDC). In line with this, Indonesia also announced the launch of the Digital Rupiah trail run.

COINGABBAR Views: If the current trend continues, the market will most certainly fall 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: Last Gasp Before The Road to Irrelevance For Bitcoin: ECB

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