24 Hrs Crypto Update, Jan 10: Global Crypto Market Remains Bullish

The broader crypto market remains bullish and shows gains in the last 24 hours due to macroeconomic circumstances. As a result, the prices of Bitcoin, Ethereum, and Shiba Inu are trading with bullish momentum.

At the time of writing, the global cryptocurrency market cap has surged 1.6% in the last 24 hours to $0.895 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $49.3 billion.

The crypto market leader, Bitcoin price is currently trading at $17,492. This follows a 1.8% increase in the last 24 hours. As a result, its market capitalization stands at $336.56 billion. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,341.3, which increased by 1.6% in the last 24 hours. 

Cryptocurrencies Price Action

The price of Binance (BNB) has increased by 1.8% in the last 24 hours. BNB is currently ranked 4th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of BNB was trading at $277.6. 

However, the price of Solana decreased by 1.3% in the last 24 hours. SOL is currently ranked 13th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of SOL was trading at $16.22.

Furthermore, Shiba Inu (SHIB) continues to gain momentum and is currently trading at $0.00000918. It increased by 6.3% in the last 24 hours.

What Turns the Crypto Market bullish?

The global crypto market has turned bullish because of the massive movement of large whales. As per reports, the whales remain active and continue buying assets at market prices, assisting the market in continuing a bullish momentum.

Meanwhile, the US equity market also shows gains in its yesterday’s (Jan 10) trading session, indicating a correlation between the two markets. 

Major Events Around the World

• Crypto Exchange Airtm announced that it is suspending the trading of digital currencies. The company noted that all deposits and withdrawals of funds have been suspended since January 4.

• Binance, the largest cryptocurrency exchange by market volume, had lost over 12 billion dollars in the aftermath of the FTX collapse. According to the reports by Defillama, Binance had to face a whopping $300 million+ in withdrawals last Friday with constantly increasing outflows from the exchange. 

• As per recent reports, Microsoft is in talks with OpenAI, the parent company of ChatGPT, about a possible acquisition. ChatGPT is a large language model chatbot built on GPT-3.5 which was trained on Azure. 

COINGABBAR Views: If the current trend continues, the market will remain bullish. The bullish trend in the market has persisted for some time and appears to be continuing, as indicated by the current influx.

Also read: How much did Crypto Contribute to Musk’s Guinness World Record?