The global cryptocurrency market became extremely steady because of macroeconomic factors.
The prices of BTC, ETH, SHIB, and ADA remain highly stable in the last 24 hours.
The crypto market leader, Bitcoin price is currently trading at $21,209. This follows a 0.43% increase in the last 24 hours. As a result, its market capitalization stands at $407.8 million.
As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,570.5, which increased by 0.32% in the last 24 hours.
The price of Polygon (MATIC) has decreased by 1.5% 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 $0.9994.
In addition, the price of Cardano decreased by 0.39% in the last 24 hours. ADA is currently ranked 8th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the ADA price was trading at $0.3463.
Furthermore, Shiba Inu (SHIB) gain some momentum and is currently trading at $0.00001071. It increased by 10% in the last 24 hours.
The global crypto market has turned steady because of less movement of large whales. As per reports, after a brief volatile trend, the whales became dormant, assisting the market in regaining a stable momentum.
Meanwhile, the US equity market also remains highly stable in its yesterday’s (Jan 17) trading session, indicating a correlation between the two markets.
As per a Russian media outlet, Iran and Russia are working together to develop the "Persian Gulf token." It will be a stablecoin with gold backing. Another important aspect to note is that the primary goal of this stablecoin is to act as a form of payment for international trade rather than rely on fiat.
Binance officially announced the launch of Binance Mirror Service. The new feature is an off-exchange settlement service that allows institutional investors to invest and trade via cold custody.
As per recent reports, the leading cryptocurrency exchange Coinbase is facing a class action lawsuit over an issue with the Flare (FLR) token airdrop.
COINGABBAR Views: If the current trend continues, the market will remain steady. The stability trend in the market has persisted for some time and appears to be continuing, as indicated by the current influx.
Also read: Recent SHIB Price Rally Might Affect Trillions of Shiba Inu Tokens
