Bitcoin Hovers Near $26.8K; Inflation Data Weighs
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs) have maintained their downward journey unabated as slightly hotter-than-expected inflation report led investors to seek refuge in less risky assets.
Price of Bitcoin (BTC), the world’s most valuable cryptocurrency, stayed below $27,000 for the second day in a row. It is currently resting at $26,817.34 up 0.06%.
Ethereum (ETH), the second largest crypto in market value, touched a seven-month low of $1,523. It has since recovered and was quoting 1.11% lower at $1,543.39.
Solana (SOL), toncoin (TON) and Avalanche’s native token (AVAX) prices declined as well. Tokens tied to the decentralized finance (DeFi) suffered the most among digital asset sectors amid continued tepid DeFi activity.
One reason for BTC’s outperformance can be attributed to its relative safety during uncertain periods, analysts have said. This helped the largest coin to increase its market dominance.
The global crypto market cap declined 0.39% to $1.05 tn, over the last 24-hours. Similarly, the total crypto market volume dropped 16.40% to $22.75 bn. The total volume in DeFi is currently $1.8 bn and all stablecoins $21.07 bn, representing 7.90% and 92.62% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance increased 0.22% to 50.02%.
IC15 index, the barometer of top fifteen tokens, edged 0.41% lower to 34,077.94.
Meanwhile, in traditional markets, U.S. stocks broke their four-day winning streak. The S&P 500 and Nasdaq each slipped 0.6% alongside sharply higher bond yields as the U.S. Consumer Price Index (CPI) – a closely-watched measure for inflation – rose 0.4% in September versus the 0.3% analysts expected.
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