Despite closing in the red on Wednesday, bullish crypto market participants acknowledged a backtest of Bitcoin, Dogecoin, and XRP’s breakout on the daily time frame.
in the crypto market have shown an upward trend in the last 12 hours.
As market sentiment strengthens, the crypto market is currently surging. As a result, the global markets experienced a short rally.
At the time of writing, the global cryptocurrency market cap increased by 2.9% in the last 24 hours to $1.01 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $60.91 billion.
As per CoinGabbar statistics, the Bitcoin price surged by 1.32% in the last 12 hours and is currently trading at $20,218. Ethereum prices also surged by 1.29%. Ethereum's price is currently trading at $1,368. In addition, the rest of the cryptocurrencies followed Ethereum's lead.
Top Cryptocurrencies Price Action
After a brief fall, Uniswap (UNI) increased by 2.49% in the last 12 hours. In the last seven days, it has increased by more than 9.84%. As per CoinGabbar stats, UNI is currently trading at $6.89.
The price of XRP has climbed by 1.93% in the last 12 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 $0.498.
The performance of the LooksRare (LOOKS) also shows a positive trend. As per CoinGabbar statistics, the LOOKS price increased by 4.5% in the last 12 hours. The weekly data shows a gain of 19.5% for this coin. The price of the LOOKS is currently trading at $0.23.
What Turns Crypto Market Bullish?
Despite today's rally, the cryptocurrency market remains gloomy. The Federal Reserve remains hawkish despite global recessionary concerns. The United Nations has urged the world's economies to abandon their hostile posture. However, the American central bank is unlikely to cooperate.
The cryptocurrency market is highly correlated with the broader general market. As a result, macroeconomic variables will continue to drive price fluctuation.
Major Events Around the World
Do Kwon, the founder of Terra, is about to lose his South Korean passport as authorities put pressure on the fugitive. The South Korean officials have ordered Do Kwon to come home and face prosecution in connection with the $60 billion Terra ecosystem collapse.
Near Foundation has announced a new partnership between Google Cloud and Near Protocol, which will provide infrastructure for Near's Web3 startup platform, Pagoda. According to an Oct. 4 announcement, this partnership would allow Google Cloud to give "technical assistance" to Near award recipients by providing infrastructure for Near's Remote Procedure Call node providers.
After months of investigation without a single arrest, the South Korean police have arrested the first suspect in the collapse of the Terra blockchain ecosystem.
The arrest of Yoo Mo, head of Terraform Labs' business team, was first reported in Korean media on October 6 and was later verified by district prosecutor Choi Sung-kook.
COINGABBAR VIEWS: As capital has continued to pour into the global crypto market, its value has increased. Recent market developments have increased the value of Bitcoin, XRP, and other cryptocurrencies. Fresh investments have surged as the positive trend has persisted. If the current situation continues, the market is expected to gain further.
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