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24 Hrs Crypto Update, Jan 11: Global Crypto Market Shows Bullish

  • The crypto market remains bullish because of macroeconomic factors.

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

  • The prices of BTC, ETH, SHIB, and AVAX shows gains in the last 24 hours.

12-Jan-2023 By: Divya Behl
24 Hrs Crypto Update

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 Binance are trading with bullish momentum.

At the time of writing, the global cryptocurrency market cap has surged 2.4% in the last 24 hours to $0.919 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $55.85 billion.

The crypto market leader, Bitcoin price is currently trading at $18,212. This follows a 4.3% increase in the last 24 hours. As a result, its market capitalization stands at $346 billion. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,409.6, which increased by 5.6% in the last 24 hours. 

Cryptocurrencies Price Action

The price of XRP has increased by 6.6% 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 $0.3719. 

In addition, the price of Avalanche (AVAX) increased by 25% in the last 24 hours. AVAX is currently ranked 19th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of AVAX was trading at $15.9.

Furthermore, Dogecoin (DOGE) continues to gain momentum and is currently trading at $0.0788. It increased by 1.86% 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 bullish momentum in its yesterday’s (Jan 11) trading session, indicating a correlation between the two markets. 

Major Events Around the World
  • WazirX, a leading cryptocurrency exchange, has released its Proof-of-Reserve reports in an exclusive collaboration with CoinGabbar. 

  • Albright Capital voluntarily withdrew a class-action lawsuit filed against Terraform Labs. The lawsuit claimed that TFL committed fraud, focusing on the UST stablecoin among other things.

  • Bankrupt crypto lender Voyager Digital received preliminary court approval for a proposed $1 billion sale of its assets to Binance US. During the hearing, US District Judge Michael Wiles of the Southern District of New York approved disclosure statements.

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: IMF Executive Subramaniam Stresses the Importance of Digital Currency

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