The crypto market remains bullish after the release of the U.S CPI.
The release of a letter from the U.S. Treasury Secretary Janet Yellen warned lawmakers in Congress that the government could hit its debt limit on Jan. 19.
The prices of BTC, ETH, BNB, and SOL showed unexpected gains in the last 24 hours.
Last 24 hours due to macroeconomic circumstances. As a result, the prices of Bitcoin, Ethereum, and Solana are trading with bullish momentum.
At the time of writing, the global cryptocurrency market cap has surged 7.80% in the last 24 hours to $1.02 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $74.73 billion.
Bitcoin surged over $21,000 on Saturday amid optimism that it may have bottomed and inflation may have peaked. Ethereum price has jumped by nearly 10% over the past 24 hours. The recent spike helped ETH to break the vital $1600 price level.
The crypto market leader, Bitcoin price is currently trading at $20,900. This follows a 11.00% increase in the last 24 hours. As a result, its market capitalization stands at $401 billion.
As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,550, which increased by 9.80% in the last 24 hours.
The price of XRP has increased by 6.50% 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 $0.4000.
In addition, the price of Polygon (MATIC) increased by 8.10% 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 $0.9800.
Furthermore, Dogecoin (DOGE) continues to gain momentum and is currently trading at $0.08700. It increased by 8.00% in the last 24 hours.
The positive momentum in the crypto market extended for another day on Friday as Crypto Market continued to trend higher despite the release of a letter from the U.S. Treasury Secretary Janet Yellen that warned lawmakers in Congress that the government could hit its debt limit on Jan. 19.
Meanwhile, the US equity market also showed positive momentum in its (Jan 13) trading session yesterday, indicating a correlation between the two markets.
Major Events Around the World
In the last 24 hours, crypto whales transferred more than 400 million XRP tokens (worth about $154 million) in multiple transactions, according to WhaleAlert. The largest single transaction recorded was the transfer of 262.3 million XRP tokens (about $97 million).
The Security Exchange Commission of the U.S. has charged Gemini Trust and Genesis Global Capital for raising billions of dollars by selling unregistered equity. These allegations and proposed investigation are regarding a Gemini exchange product that promised an eight percent return on their deposits.
Fans of meme coins won't want to miss SXSW 2023 in Austin, Texas, it was just announced. However, SHIB: The Metaverse, a metaverse project with a Shiba Inu theme, will have an exclusive exhibit there.
COINGABBAR Views: If the current trend continues, the market will remain bullish in coming days. The bullish trend in the market has persisted for some time and appears to be continuing, as indicated by the current influx.
Also read: XRP Becomes the Most Traded Token Among Top 100 BSC Whales: Report
