24 Hrs Crypto Update, Jan 12: Global Crypto Market Remains Bullish
The crypto market remains bullish after the release of the US CPI.
The CPI for December was announced by the US Bureau of Labor Statistics on the predicted lines, with a 6.5% increase.
The prices of BTC, ETH, UNI, and MATIC shows gains in the last 24 hours.
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 2.1% in the last 24 hours to $0.940 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $87.28 billion.
The crypto market leader, Bitcoin price is currently trading at $18,795. This follows a 4.75% increase in the last 24 hours. As a result, its market capitalization stands at $361.6 billion.
As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,408.4, which increased by 1% in the last 24 hours.
Cryptocurrencies Price Action
The price of XRP has increased by 0.46% 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 $0.3737.
In addition, the price of Polygon (MATIC) increased by 2.5% in the last 24 hours. MATIC is currently ranked 10th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of MATIC was trading at $0.9152.
Furthermore, Dogecoin (DOGE) continues to gain momentum and is currently trading at $0.0797. It increased by 0.8% in the last 24 hours.
What Turns the Crypto Market bullish?
The December CPI figures came in on the target, with inflation climbing by 6.5%. The Consumer Price Index (CPI) for December was announced by the US Bureau of Labor Statistics. In the minutes immediately up to the data release, the crypto market was slightly positive, with most assets trading in the green. For the month of November, the CPI index was 7.10%.
Meanwhile, the US equity market also shows positive momentum in its yesterday’s (Jan 12) trading session, indicating a correlation between the two markets.
Major Events Around the World
Amazon Web Services (AWS), the world's leading cloud computing service provider, has partnered with Ava Labs, a blockchain technology company. Through the partnership, AWS aims to help accelerate blockchain adoption across multiple industries.
El Salvador's parliamentary assembly recently approved a digital securities bill. The bill allows the country to issue Bitcoin-based bonds. In November, the bill was initially introduced in parliament.
The Metamask team issued a warning about a new scam that is now being used to drain users' funds. This new fraud approach, dubbed "Address Poisoning," focuses on scammers fooling customers about their wallet addresses to which they send money.
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: Wall Street & Crypto Analysts Predict US CPI | Market Correction is Expected
