The cryptocurrency market has showcased volatility recently, influenced by selling pressure and reactions to macroeconomic data.
Bitcoin Price Dynamics
The price of Bitcoin dipped to $106,900 on leading exchanges, having briefly touched $110K earlier today. This decline may be attributed to profit-taking and an uncertain reaction to CPI data. Despite the dip, Bitcoin has managed to stay above $100,000 for five consecutive weeks, marking its longest streak at this level.
Ethereum and Altcoins Struggles
Ethereum (ETH) also faced selling pressure, dropping to $2,710 after hitting $2,872 earlier in the day. The $240 million in ETF inflows indicates sustained institutional interest, despite $107 million in liquidations shaking investor confidence. Analysts predict a recovery towards $2,800-$2,900 if bullish momentum returns.
Crypto Market Overview and Potential Changes
The cryptocurrency market has seen an overall drop of over 4%, which has also impacted altcoins like XRP, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA). Most of the coins from the top 100 are showing red charts. Currently, the global crypto market cap stands at $3.37 trillion with trading volumes at $131.15 billion.
In light of the current volatility, Bitcoin and Ethereum remain in the spotlight, while altcoins display weak performances. Investors should exercise caution in their actions within this unstable market.
