December 11 Crypto Market Analysis
Crypto News – The cryptocurrency market today experienced a downturn as traders braced for the upcoming release of key U.S. inflation data, including the Consumer Price Index (CPI) and Producer Price Index (PPI). This anticipation is believed to potentially influence the Federal Reserve’s forthcoming decisions on interest rates.
The negative sentiment in the crypto market was evident as investors exercised caution ahead of the crucial inflation figures. The CPI and PPI data, set to be released later this week by the U.S. Labor Department, are significant indicators of inflation trends and are closely monitored by global investors. These figures are expected to play a critical role in shaping the central bank’s approach to its rate hike strategies. The recent volatility in the market is largely attributed to the anticipation surrounding these important inflation metrics.
A detailed examination of the top cryptocurrencies shows Bitcoin price falling by 4.10%, settling at $42,096.48. Despite this drop, Bitcoin’s trading volume has seen a 30.65% increase over the past 24 hours, reaching $21.7 billion. Although the current decline has sparked concern, Bitcoin has still managed to gain approximately 14% over the past month.
Similarly, Ethereum price declined by 4.89%, reaching $2,238.29, with its trading volume over the last 24 hours up by 10.58% to $11.46 billion. Despite these short-term challenges, Ethereum has shown a strong performance over the last 30 days, with its price increasing by nearly 9%.
XRP also faced a downturn, dropping by 5.98% to a trading price of $0.6269. Its trading volume decreased by 17.18% to $1.70 billion. Solana price decreased by 4.09% to $70.31, with a 3.11% reduction in its 24-hour trading volume, which now stands at $2.64 billion.
Cardano price fell by 6.88%, reaching $0.5569, reflecting the broader negative sentiment in the digital asset space. In the meme coin segment, Dogecoin saw a slight decrease of 0.65%, trading at $0.09982, but its trading volume increased by 37.78% to $1.42 billion. Shiba Inu price fell by 3.27%, settling at $0.000009882, with a 21.31% decrease in its trading volume to $363.88 million.
The overall dip in the major cryptocurrencies, especially in the top 10, has led to a pullback in the market from its recent gains. The global crypto market capitalization has declined by 3.28% to $1.58 trillion, while the total market trading volume rose by 5.2% to $62.9 billion. The crypto market fear and greed index remains at 80, indicating a sentiment of “extreme greed.”
In today’s market, Pepe Coin experienced a 5.81% drop in price, trading at $0.000001457, with a 24.12% decrease in trading volume to $189.01 million. On the other hand, BitTorrent (New) (BTT) bucked the trend with a significant 24.54% increase in price to $0.000001333, and a remarkable 224% surge in trading volume to $342.77 million. Injective (INJ) also saw notable gains, rising 16.53% to $22.23, with a 122.68% increase in trading volume to $249.79 million.
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