24 Hrs Crypto Update, Dec 5: Global Crypto Market Became Volatile

  • The broader crypto market became highly volatile.

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

  • The prices of BTC, ETH, XRP, and DOGE shows losses in the last 24 hours.

06 Dec 2022 By: Shailja Joshi
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 trading in the red.

At the time of writing, the global cryptocurrency market cap drops 2.4% in the last 24 hours to $0.856 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $40.01 billion.

The crypto market leader, Bitcoin price is currently trading at $17,078. This follows a 1.15% decrease in the last 24 hours. As a result, its market capitalization stands at $328.07 billion. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,267.5, which decreased by 1.7% in the last 24 hours. 

Cryptocurrencies Price Action

The price of Cardano (ADA) has decreased by 0.89% 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 $0.3203. 

In addition, the price of XRP decreased by 0.49% 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 $0.3901.

DogeCoin (DOGE) continues to lose its traction among cryptocurrency traders and influencers. It decreased by 1.5% in the last 24 hours and is currently trading at $0.1025.

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 jump, the whales became active and began selling assets at higher prices, assisting the market to regain its bearish momentum.

In addition, the US equity market in its yesterday’s trading session also showed some losses, which again shows a correlation between the two markets.

Major Events Around the World
  • Nexo, a crypto lender, announced on December 5 that it would discontinue operations in the US within the next few months. The company specifically stated that it will immediately disable access to its "Earn Interest Product" in eight U.S. states. 

  • Italian automobile manufacturer Fiat launches a Metaverse Store in its native nation and is offering test drives of its newest 500 La Prima model.

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.