WEEKLY ANALYSIS - Crypto market in the red, dragged down by the latest inflation report
Bitcoin, Ethereum and major altcoins plunged in last 7 days, following hints that the US Fed could continue to tighten the interest rate.
Cryptocurrency markets were trading in the red in the last 7 days as overall coin prices took a plunge, with Bitcoin, Ethereum and other major altcoins all landed in red.
Bitcoin (BTC) failed its $25,000 mark target and plummeted 5.72% from the last 7 days. The largest cryptocurrency by market capitalization witnessed a significant downfall this week, with the price of BTC dropped to a weekly-low of around $22,898. However, the price has since stabilized after the weekend and is now hovering around the $23,430 mark, gaining 0.98% in the last 24 hours with a trading volume of $17,882,206,492 and a market cap of $450.801.911.167. One of the reasons for the recent drop in Bitcoin's price is the increasing interest rates in the US, which could lead to a decrease in the demand.
Ethereum (ETH) is down 4.38% from last week. The second-largest cryptocurrency by market capitalization ha salso seen a bearish week, with the price of ETH reached a weekly-low of around $1,569 on saturday. However, like Bitcoin, the price of Ethereum has since recovered and is now hovering around $1,637, gaining 2.01% over the last 24 hours and a market cap of $200,465,252,333. The recent surge in the price of Ethereum can be attributed to several factors, including the growing popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs), both of which are built on the Ethereum blockchain.
Altcoins have seen a mixed performance in the past week. According to CoinMarketCap, the top gainers were Stacks (+52.57%), SSV (+32.04%), Ankr (+27.56%), and Neo (+14.12%). One of the top performers in the past week is Binance Coin (BNB), the native token of the Binance cryptocurrency exchange, thanks to the growing popularity of the Binance Smart Chain.
On the other hand, the top losers were Loopring (-20.40%), Conflux (-20.47%), and The Sandbox (-18.54%). Polygon (MATIC) is among the worst, dropping 17.06% in the last 7 days. Solana (SOL), Avalanche (AVAX), Polkadot (DOT) and Cardano have also traded in the red.
The global crypto market cap is currently at $1.07T, a 0.73% increase over the last 24 hours, with a volume of $36.59B, rising 3.02% over the day.