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12Hrs Crypto Update 18, Oct: Despite surge in US Market, Crypto Market

Crypto has shown unexpected resilience. BTC has gained over 0.4% in the last 12 hours. Similarly, ETH has fallen 0.7% in the last 12 hours and is currently trading at $1332.

18-Oct-2022 By: Shikha Jha
12Hrs Crypto Update

The cryptocurrency market is struggling while the global 

Economy remains unstable. 

However, the cryptocurrency industry has shown unexpected resilience. As a result, the prices of Bitcoin (BTC), Ether (EHT), Cardano (ADA), and Ripple (XRP) all remain highly volatile.

At the time of writing, the global cryptocurrency market cap climb 1% in the last 24 hours to $0.975 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $52.25 billion.

At the time of writing, the crypto market leader, Bitcoin price is trading at $19,602. This follows a 0.4% increase in the last 12 hours. As a result, its market capitalization stands at $375.6 billion. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,327.1, which decreased 0.7% in the last 12 hours. Furthermore, its price has increased by 3.7% in the last week.

Top Cryptocurrencies Price Action

The price of Solana (SOL) has dropped by 0.9% in the last 12 hours. SOL is currently ranked 9th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of SOL was trading at $30.88. 

At the time of writing, the price of Decentraland (MANA) has dropped by 1.7% in the last 12 hours. MANA is currently ranked 45th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of MANA was trading at $0.6436.

Polygon Matic (MATIC) continues to gain traction among cryptocurrency traders and influencers. It increased by 1.8% in the last 12 hours and is currently trading at $0.8618.

What Turns Crypto Market Volatile?

The movement of cryptocurrency prices is driven by economic determinants. Recent inflation figures raised concerns about a protracted period of quantitative tightening. The Federal Reserve has hiked interest rates by 75 basis points four times in a row. Following the current Consumer Price Index, another massive increase is quite anticipated.

However, new chancellor Jeremy Hunt's reversal of the UK mini-budget has boosted market sentiment. Similarly, figures from the Empire State Manufacturing Index continue to underscore the US economy's vulnerability. Experts anticipate that the Federal Reserve will soon pivot.

Major Events Around the World

  • On Oct 18, another wallet swap—BitKeep was hacked due to which it suffered more than a $1 million loss. The BitKeep wallet notified all of its users immediately. BitKeep also stated that its development team has swung into action to limit the hacker's reach.

  • Ripple users may be able to communicate with ETH-compatible DApps in the future following the launch of a test phase of Ripple's new XRP Ledger sidechain.

  • On Tuesday (Oct 18), crypto exchange FTX transferred 50,000 ETH to the official wallet of crypto lender Voyager Digital. Last month, the crypto exchange outbid rival crypto exchange Binance for Voyager Digital assets worth $1.4 billion. 

COINGABBAR VIEWS: As investor sentiment improved, the cryptocurrency market soared. However, any persistent gain will be dependent on a favorable Fed at the next FOMC meeting.

Read also: ETHEREUM PRICE ANALYSIS CMP-$1,325 Stuck in a restricted range, a break will open up a new path

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