In short: Bitcoin remains stable at around $27,500, but it is expected to become more volatile later today as the US prepares to announce its CPI numbers for April. Meanwhile, the top 20 altcoins are relatively static, with only minor gains or losses. Bitcoin's market cap stands at just above $530 billion, while the total crypto market cap is currently at $1.140 trillion, down by over $65 billion since last weekend.
Our quick analysis:
The cryptocurrency market seems to be in a state of tranquility as Bitcoin holds steady at around $27,500. The past weekend saw Bitcoin attempt to push towards the $30,000 mark but failed to sustain its momentum. This resulted in Bitcoin experiencing some significant dips and touching a weekly low of $27,300 on Tuesday.
The altcoins are also playing it safe, with little or almost no movement from the top 20 alternatives. Ethereum's price has remained stable at just under $1,850. Meanwhile, XRP's value sits slightly above $0.4, while DOGE, TRX, LTC, and SHIB have experienced minor daily gains.
The cryptocurrency market's current market cap is slightly above $1.14 trillion, with Bitcoin's market cap close to $530 billion, holding dominance over the altcoins at just under 47%. The most significant gainers have been KAVA and Bitcoin SV, which have seen gains of over 10% within a day.
The calmness in the market is expected to be disrupted by the US's announcement of the CPI numbers for April. This volatility is a usual phenomenon historically affecting Bitcoin's price movement. It is, therefore, expected to sway the cryptocurrency market in the coming hours.
Despite the market's current flatness, the cryptocurrency market's overall market cap has declined by more than $65 billion since the weekend. It remains to see the effects of the US CPI announcement on the cryptocurrency market.
In conclusion, there are no significant price movements from either Bitcoin or the altcoins currently. However, the US CPI announcement may likely affect the market later in the day. It will be interesting to observe how the market reacts to the announcement.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
The cryptocurrency market seems to be in a state of tranquility as Bitcoin holds steady at around $27,500. The past weekend saw Bitcoin attempt to push towards the $30,000 mark but failed to sustain its momentum. This resulted in Bitcoin experiencing some significant dips and touching a weekly low of $27,300 on Tuesday.
The altcoins are also playing it safe, with little or almost no movement from the top 20 alternatives. Ethereum's price has remained stable at just under $1,850. Meanwhile, XRP's value sits slightly above $0.4, while DOGE, TRX, LTC, and SHIB have experienced minor daily gains.
The cryptocurrency market's current market cap is slightly above $1.14 trillion, with Bitcoin's market cap close to $530 billion, holding dominance over the altcoins at just under 47%. The most significant gainers have been KAVA and Bitcoin SV, which have seen gains of over 10% within a day.
The calmness in the market is expected to be disrupted by the US's announcement of the CPI numbers for April. This volatility is a usual phenomenon historically affecting Bitcoin's price movement. It is, therefore, expected to sway the cryptocurrency market in the coming hours.
Despite the market's current flatness, the cryptocurrency market's overall market cap has declined by more than $65 billion since the weekend. It remains to see the effects of the US CPI announcement on the cryptocurrency market.
In conclusion, there are no significant price movements from either Bitcoin or the altcoins currently. However, the US CPI announcement may likely affect the market later in the day. It will be interesting to observe how the market reacts to the announcement.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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Please, behave!