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12 Hrs Crypto Update 16, Nov: Crypto Market Begins Plummeting, BTC & ETH in Red

  • The global crypto market price is bleeding dramatically. 

  • Whales became active and started dumping heavily in the market.

  • Prices of the top two leading cryptocurrencies, BTC & ETH, are trading in the red.



16 Nov 2022 By : COIN GABBAR
12 Hrs Crypto Update

The broader crypto market started plummeting dramatically in the past few hours. As a result, the prices of Bitcoin, Ethereum, Solana, and Cardano are trading in a bearish pattern.

At the time of writing, the global cryptocurrency market cap jumps 0.32% in the last 24 hours to $0.871 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $59.91 billion.

The crypto market leader, Bitcoin price is currently trading at $16,612. This follows a 1.6% decrease in the last 12 hours. As a result, its market capitalization stands at $320.87 billion. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,217.4, which decreased by 3.1% in the last 12 hours. 

Cryptocurrencies Price Action

The price of the Ripple native token (XRP) has decreased by 4.1% in the last 12 hours. XRP is currently ranked 7th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of XRP was trading at $0.372. 

In addition, the price of Solana (SOL) decreased by 17.2% in the last 12 hours. SOL is currently ranked 15th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of SOL was trading at $18.0175.

Binance native token (BNB) continues to fade its traction among cryptocurrency traders and influencers. It decreased by 1.8% in the last 12 hours and is currently trading at $272.1.

What Turns Crypto Market Bearish?

After a brief rebound, the broader crypto market again starts trading in the bearish trend. The trend triggers because of several macroeconomic factors affecting the crypto market. However, in yesterday’s trading session the US market surged significantly, close to 1.5%, again breaking the correlation with the crypto market.

Major Events Around the World

  • The leading cryptocurrency exchange Binance is all set to launch its cryptocurrency custody services in the Abu Dhabi Global Market (ADGM). The crypto exchange has been given Financial Services Permission (FSP) by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market.

  • Crypto Exchange Uniswap Becomes the 2nd-largest Ethereum Exchange after user activity on the platform increased dramatically as the decentralized exchange becomes a go-to platform for users who lost trust in the centralized players with the collapse of FTX.

  • Circle, issuer of the US dollar-pegged stablecoin USDC, has added support for Apple Pay in an effort to bring the crypto and mainstream payment systems closer together.

COINGABBAR VIEWS: If the current situation persists, the market will most likely fall further. The market's negative trend has remained for some time, and it appears to be continuing, as evidenced by the current influx.

Read also: CARDANO PRICE ANALYSIS CMP-$0.3350: Bulls are struggling to cross $0.3500 level

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