Bitcoin’s value experienced a fluctuation following the announcement of US Consumer Price Index data, reaching a high of $50,358 but subsequently declining below $49,000. The world’s leading cryptocurrency managed to recover slightly, stabilizing above $49,500. In contrast, Ethereum maintained its value over the $2,600 mark. Notably, other significant cryptocurrencies such as XRP, Solana, and Cardano saw their market prices drop during this period.
Bitcoin and Ethereum Market Update
Currently, Bitcoin is being traded just over the $49,000 threshold. As of the last update, the cryptocurrency was valued at $49,600, reflecting a modest 0.1% decrease, with Bitcoin’s market capitalization holding at $970.05 billion. Ethereum, another major player, saw its price drop by 0.82% to $2,626.69, and its market value fell to $315.72 billion, despite an increase of 15.76% in trading volume at $16.55 billion.
Other Altcoins’ Performance
Solana’s valuation sits at $112, having undergone a 2% decrease, with its trading volume declining by 18.04% to $2.30 billion. XRP’s value decreased to $0.5247 after falling 1.15%, and its trading volume also dipped by 1.63% to $997.57 million. Cardano dropped to $0.5473 following a 1.06% decrease in price, accompanied by a significant 16.23% fall in its 24-hour trading volume, now at $426.20 million.
The meme coin sector, including Dogecoin and Shiba Inu, also faced downturns, with Dogecoin dropping to $0.08107—a 1.32% decrease—and Shiba Inu declining by 1.23% to $0.000009462, still distant from the expected $0.00001 mark.
Amid the market fluctuations, Pyth (PYTH) from the Solana ecosystem stood out with a notable rise, climbing 14.55% to $0.6701, while VeChain (VET) saw an uptick of 9.9%, trading at $0.034 despite the broader market’s downward trend.