13 December Cryptocurrency Markets Analysis
Crypto News – Today’s cryptocurrency market painted a mostly red picture as investors shifted away from riskier assets, adopting a more cautious stance. This recent trend sees a continuation of the downward trajectory in crypto prices, following a period of robust gains that propelled major cryptocurrencies like Bitcoin, Ethereum, and others to annual highs.
However, after this bullish phase, the current market conditions indicate a pause. Additionally, the latest U.S. Consumer Price Index (CPI) data revealed a cooling in inflation, aligning with market expectations.
As per the recent CPI report, U.S. inflation has decelerated to 3.1% in November, hinting at the effectiveness of the Federal Reserve’s assertive interest rate hikes in tempering the previously surging inflation. Investors are now keenly awaiting the U.S. Producer Price Index (PPI) data for further insights into the economy’s state.
In the realm of crypto prices, Bitcoin has seen a 1.89% decline at the time of writing, trading at $40,834.99. The trading volume for this leading cryptocurrency by market cap has diminished by 25.55% in the past 24 hours, reaching $25.35 billion. Despite this downturn, some market analysts believe institutional investors may view this as an opportunity to buy the dip.
Ethereum, meanwhile, has fallen by 2.89% to $2,164.06, with its trading volume dropping by 17% to $12.09 billion. The BNB price also declined by 2.62% to $246.52, and its trading volume decreased by 2.32% to $1.41 billion, mirroring the broader market sentiment.
Other major cryptocurrencies followed suit, with XRP down 2.61% to $0.6064 and Solana falling 7.14% to $65.63 at the time of this report. Cardano traded nearly flat at $0.559, yet its trading volume surged by 13.5% to $1.25 billion.
The mood in the meme coin sector also reflected a downturn, as seen in the performances of leading cryptocurrencies in this category. Dogecoin dropped by 4.64% to $0.09134, while Shiba Inu fell 3.12% to $0.000009319.
These declines across major cryptocurrencies suggest a continuing selloff in the digital asset space amid prevailing uncertainties. The global crypto market cap has decreased by 2.79% over the last 24 hours, settling at $1.53 trillion, with its trading volume declining by 14.42% to $70.9 billion. The crypto market’s fear and greed index stands at 73, indicating a sentiment of greed.
Today’s Top Crypto Include
- Pepe Coin, which has plummeted 7%, continuing its downward trajectory as investors move away from riskier assets. At the time of writing, Pepe Coin is trading at $0.000001329, with its one-day volume down by 8.41% to $129.23 million, highlighting the bearish sentiment.
- Fetch.ai (FET) has bucked the trend, climbing 17%. Fetch.ai’s price has risen by 16.73% to $0.5884, with its trading volume skyrocketing by 177% from the previous day to $290.50 million, standing out in a market that is largely trending downwards.
- Osmosis (OSMO) has also seen a significant uptick, increasing by 14.05% to $1.05. Its trading volume has surged by 193.31% to $100.05 million over the last 24 hours. Over the past month, Osmosis has gained over 64%.
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