The global Crypto Market cap increased by 1.2% in the last 24 hours to $0.960 trillion. As per CoinGabbar statistics, the Bitcoin price surged by 1.6% in the last 12 hours.
macroeconomic trends. The crypto market is currently soaring as market sentiment improves. As a result, the global markets rallied significantly.
At the time of writing, the global cryptocurrency market cap increased by 1.2% in the last 24 hours to $0.960 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $50.09 billion.
As per CoinGabbar statistics, the Bitcoin price surged by 1.6% in the last 12 hours and is currently trading at $19,266. Ethereum prices also skyrocketed by 1.95%. Ethereum's price is currently trading at $1,301. The rest of the cryptocurrencies followed Ethereum's lead.
Top Cryptocurrencies Price Action
After breaking its downward trend, Cardano (ADA) has surged 1.48% in the last 12 hours. Based on CoinGabbar statistics, ADA is currently trading at $0.3543. Meanwhile, Solana has increased more than 2.5% and is currently trading at $29.36.
After a brief fall, Near Protocol (NEAR) increased by 4% in the last 12 hours. In the last seven days, it has decreased by more than 0.7%. As per CoinGabbar stats, NEAR is currently trading at $2.909.
LooksRare (LOOKS) continues to gain traction among cryptocurrency traders and influencers. It increased by 3.25% in the last 12 hours and is currently trading at $0.2166.
What Turns Crypto Market Green?
The macroeconomic condition continues to influence stock market price movement. As cryptocurrency is so closely correlated to the stock market, it is also influenced by the macroeconomy. The market saw a significant sell-off as a result of central banks' quantitative tightening.
However, the crypto market is more reliant on the US Federal Reserve. The Fed is unlikely to start relaxing policy anytime soon. As a result, any cryptocurrency spike will be short.
Major Events Around the World
Legendary Cricketer Sachin Tendulkar has made a strategic investment in Rario, a cricket non-fungible token (NFT) platform.
As per a statement from the NFT platform, Tendulkar will become a brand ambassador for the Dream Capital-backed digital collectibles platform as part of the agreement.
Crypto billionaire and FTX CEO Sam Bankman-Fried have developed a strategy to address the issue of cryptocurrency hacking. Surprisingly, the SBF solution involves rewarding the hackers.
According to court filings, customers of bankrupt crypto lender Voyager Digital may be able to recover 72% of the value of their accounts under a tentative agreement with FTX US.
COINGABBAR VIEWS: Market uncertainty is the most significant impediment to the broader crypto market. Central banks' hawkish stance continues to affect price fluctuations. There is no indication that the Federal Reserve will change its quantitative tightening policy.
In addition, the Federal Reserve of the United States will most definitely raise interest rates again in its November 2 meeting. The meeting will determine the new trend for the broader cryptocurrency market.
Read also: BITCOIN PRICE ANALYSIS CMP-$19,150: Bulls may drive the rally as the price of bitcoin consolidates
Share