The cryptocurrency market is experiencing caution as investors brace for the upcoming release of the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data. As market participants await the economic reports, the market cap has dipped by 0.95% over the past 24 hours, settling at $3.16 trillion. Despite this downturn, trading volume surged by 34.33% to $99.25 billion, signaling increased activity amidst uncertainty. The Fear & Greed Index continues to sit in the “Fear” zone at 35, reflecting prevailing apprehension among traders.
Bitcoin and Ethereum Hold Crucial Levels
Bitcoin has maintained relative stability, trading at $97,119.34, reflecting a slight price decline of 0.04% since yesterday. With a market cap of $1.924 trillion, Bitcoin’s dominance in the market has decreased slightly to 60.78%. Despite the small drop, the cryptocurrency’s healthy trading volume of $33.15 billion shows that investor interest remains strong.
As for Ethereum, the second-largest cryptocurrency, it has experienced a 1.16% drop, trading at $2,633.90. However, on-chain data reveals significant accumulation, with Ethereum holdings reaching a record high of 330,705 ETH, valued at approximately $883 million on February 7th. This suggests that long-term investors remain confident in Ethereum’s future despite short-term price fluctuations.
Solana, XRP, and Litecoin Performance
Solana (SOL) faced a notable 2.22% decline, bringing its price down to $201.74, while XRP saw a sharper 3.67% dip, trading at $2.39. However, Litecoin (LTC) emerged as the top performer, rising by 5.96% to $113.47 in the past 24 hours. Other gainers included Fetch.ai (FET) and Injective Protocol (INJ), which surged by 2.98% and 2.71%, respectively. On the flip side, the biggest losers included Official Trump, which plummeted 13.17%, followed by DeXe and RAY, which saw declines of 11.85% and 11.52%.
Also Read: Bitcoin ETF Inflows Surge to $755 Million, Pushing BTC Price Above $100K Amid CPI Drop
In these volatile times, traders and investors will be keeping a close eye on the upcoming U.S. economic data, as it could set the tone for the next phase of the crypto market’s trajectory.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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