24 Hrs Crypto Update, Dec 26: Crypto Market Shows Positive Momentum

The broader crypto market changed its momentum 

and shows little gains in the last 24 hours due to macroeconomic circumstances. As a result, the prices of Bitcoin, Ethereum, DogeCoin, and Cardano are trading in the green.

At the time of writing, the global cryptocurrency market cap jumps 0.5% in the last 24 hours to $0.847 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $26.85 billion.

The crypto market leader, Bitcoin price is currently trading at $16,881. This follows a 0.4% increase in the last 24 hours. As a result, its market capitalization stands at $324.65 billion. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,225.6, which increased by 0.6% in the last 24 hours. 

Cryptocurrencies Price Action

The price of Binance (BNB) has increased by 0.5% 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 $244. 

In addition, the price of XRP increased by 4.56% 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 $0.3629.

Dogecoin (DOGE) continues to lose its momentum and is currently trading at $0.07541. It decreased by 0.2% 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 stable momentum, the whales became active and began buying assets at cheaper prices, assisting the market in regaining a bullish momentum.

In addition, the US equity market also shows bullish momentum in its Yesterday’s (Dec 26) trading session, indicating a correlation between the two markets. 

Major Events Around the World

• Recent data shows that Bitcoin exchange users have completely forgotten about the FTX scandal this Christmas. As per the on-chain analytics firm Glassnode report, exchange outflows have now reached their lowest levels in over six months.

• As per reports, after the successful completion of The Merge, which is considered as one of the most significant blockchain upgrades on Ethereum to date, there has been a 99.99% reduction in the network’s energy consumption.

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.

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