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12 Hrs Crypto Update 04, Oct: Strong Crypto Rally as Market Sentiment

As market sentiment improves, the BTC price surged by 2.45% in the last 12 hours and is currently trading at $19,950. ETH prices also skyrocketed by 2.28%. ETH's price is currently trading at $1348.

04 Oct 2022 By: Ashish Sarswat
12 Hrs Crypto Update

The cryptocurrency market continues to respond 

to the broader macroeconomic sentiment.

 As market sentiment strengthens, the crypto market is currently surging. As a result, the global markets experienced a significant rally.

As per CoinGabbar statistics, the Bitcoin price surged by 2.45% in the last 12 hours and is currently trading at $19,950. Ethereum prices also skyrocketed by 2.28%. Ethereum's price is currently trading at $1348. The rest of the cryptocurrencies followed Ethereum's lead.

At the time of writing, the global cryptocurrency market cap increased by 3.8% in the last 24 hours to $0.995 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $57.02 billion.

Top Cryptocurrencies Price Action

After breaking its upward trend, Cardano (ADA) has surged 1.49% in the last 12 hours. Based on CoinGabbar statistics, ADA is currently trading at $0.4317. Meanwhile, Solana has increased more than 2.26% and is currently trading at $33.61.

After a brief fall, Binance (BNB) increased by 1.81% in the last 12 hours. In the last seven days, it has increased by more than 7.2%. As per CoinGabbar stats, BNB is currently trading at $292.

The price of Dogecoin (DOGE) has climbed by 1.15% in the last 24 hours. DOGE is currently ranked tenth in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the DOGE price was trading at $0.06066.

LooksRare (LOOKS) continues to gain traction among cryptocurrency traders and influencers. It increased by 6.2% in the last 12 hours and is currently trading at $0.2272.

What Turns Crypto Market Green?

The administration of US President Joe Biden has given an advisory to Congress to proceed with cryptocurrency laws. The significant step coincides with the industry's growing demand for clear digital asset regulations. This incident has heightened market volatility. As a result, the broader crypto market has witnessed some significant gains in the last 24hrs.

Major Events Around the World

  • Tether's chief technical officer, Paolo Ardoino, announced that Tether has almost reduced its commercial paper holdings, with less than $50M in commercial paper units as of September 30, 2022. He added that Tether's holdings of US Treasury bills increased to 58.1% of its total portfolio, up 25.1% from 43.5% on June 30.

  • Tron’s founder Justin Sun announced in a tweet on October 4 that he is interested in purchasing the assets or shares of global investment bank Credit Suisse. He also discovers a way to connect the investment bank to Web3. While Justin Sun speculates about purchasing Credit Suisse assets or shares, he made a similar comment about Chinese real estate company Evergrande last year. He is more interested in cryptocurrency purchases than traditional markets.

  • Brad Garlinghouse, CEO of Ripple, recently tweeted about the problems that have emerged as a result of BOTs running on the social media platform. He added that it is embarrassing to be unable to distinguish between a genuine and a fake profile. 

He also stated that there are several verified fraud accounts active on Twitter. For the crypto tweets, these hoax accounts feature photos of Garlinghouse, Vitalik Buterin, Ethereum Co-Founder, and Changpeng Zhao, CEO of Binance.

COINGABBAR VIEWS: As capital has continued to flow into the global crypto market, its value has increased. The market's recent moves have boosted the value of Bitcoin, Solana, and other cryptocurrencies. As the positive trend has continued, fresh investments have increased. If the current situation persists, the market will most likely strengthen further. The market's positive trend has been observed after some time, and it appears to be continuing, as evidenced by the current influx.

Read also: BITCOIN PRICE ANALYSIS CMP-$20000: Will Bitcoin overcome the $20K-$20.5K Crucial Resistance Zone?