24 Hrs Crypto Update, Dec 6: Global Crypto Market Remains Volatile

  • The broader crypto market became highly volatile.

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

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

07 Dec 2022 By: Ashish Sarswat
24 Hrs Crypto Update

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 remain volatile.

At the time of writing, the global cryptocurrency market cap jumps 1.6% in the last 24 hours to $0.893 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $43.15 billion.

The crypto market leader, Bitcoin price is currently trading at $17,058. This follows a 0.51% increase in the last 24 hours. As a result, its market capitalization stands at $328.62 billion. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,265.8, which increased by 0.55% in the last 24 hours. 

Cryptocurrencies Price Action

The price of Cardano (ADA) has decreased by 0.78% 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 $0.3179. 

However, the price of XRP increased by 2.49% 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 $0.3905.

DogeCoin (DOGE) continues to lose its traction among cryptocurrency traders and influencers. It decreased by 2.12% in the last 24 hours and is currently trading at $0.10025.

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.

Major Events Around the World
  • The offshore Chinese Yuan (CNHT) of Tether, the largest stablecoin issuer by market capitalization, has been integrated into the Tron network. 

  • According to data from FTX's venture capital investments, significant cash has gone to firms like Elon Musk's SpaceX and Sequoia in addition to other FTX ventures.

  • Despite the FTX debacle, which has resulted in multiple crypto companies filing for bankruptcy, Binance, one of the leading centralized exchanges, saw a 30% spike in trading volumes in the last month.

COINGABBAR Views: If the current trend continues, the market will 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.

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