The global crypto market capitalization explored higher values of $1.15 trillion, gaining approximately 6.51% within the last 24 hours. Meanwhile, the overall trading volume surged 29% to near $87.71 billion.
The crypto market experienced a massive upside action early Thursday as the US inflation fall triggered an amplified appetite for risk assets worldwide.
There’s increasing confidence that if 13 September’s inflation data indicates reduced pricing pressure bias, the United States central bank could resort to softened tightening (analysts said).
Bitcoin, the dominant crypto by market cap, gained 6.06% within the last 24 hours to $24,260, taking its weekly surge to 4.87%.
Such developments saw the altcoin market presenting impressive rallies. Ethereum gained 11.88% to $1,874. Moreover, the leading alt has gained 13.5% over the last seven days. Binance Coin soared 4.88% to $330.69.
XRP and Cardano gained 5% and 6.6%, respectively. Also, Polkadot (+10.32%) and Solana (+8.69%) to $9.49 and $42.27 recorded impressive surges.
Green price movements pushed the global crypto market capitalization to $1.15 trillion, translating to a 6.50% increase over the past day. Meanwhile, the total trading volume gained nearly 29% to $87.71 billion.
The Indian Market
The UN data shows more than 7% of Indians own digital coins, as the COVID-pandemic triggered the crypto market upsurge globally (PTI reports). UNCTAD, the UN’s Trade & Development body, revealed that developing nations were 15 of the leading 20 economies that owned crypto in 2021.
Coinbase has seen an immense loss in profit and revenue, recording a whopping $1.1 billion revenue slump from $2.033B to $803M since last year’s quarter, translating to a nearly 60% sharp decline.
In the quarterly outlook, Coinbase’s net revenue plunged by 31% compared to the first quarter. The drop originated from low trading volume.
Binance records an increase in clients as inflation remains high, plus the historically steady dollar that suppressed emerging market currencies. An exec revealed that to Reuters (yesterday) without revealing numbers.
What are your thoughts about the ongoing upside actions in the crypto market? Should we expect a sustained bull run? You can share your views below.