Cryptos Trade Mixed Ahead Of CPI, Fed Review

Cryptocurrencies are trading in a mixed pattern, dragging down overall market capitalization in the past 24 hours after a recent rally triggered by hopes of an SEC approval for Bitcoin Spot ETF. Anxiety ahead of the release of key macro-economic data as well as a slew of central bank decisions lined up for the week added to the nervous sentiment for the digital assets sector.

Markets expect the month-on-month CPI readings for November due from the U.S. on Tuesday to show a flat reading. The core component is however seen edging up to 0.3 percent, from 0.2 percent in the previous month. The annual headline inflation is seen edging down to 3.1 percent, from 3.2 percent in the previous month. The core component of the same is expected to remain steady at 4 percent. Producer prices in the U.S. which fell 0.5 percent month-over-month in October is seen rising 0.1 percent in November.

The Fed’s interest rate decision is due on Wednesday. The CME FedWatch tool reveals a 98.4 percent probability of a pause by the Fed. The probability for a hike in interest rates is just 1.6 percent.

Interest rate decisions of the Bank of England, the European Central Bank and Swiss National Bank are due on Thursday. Bank of Japan’s monetary policy decision would be known late on Monday.

Overall crypto market capitalization is steady at $1.58 trillion.

Bitcoin declined 0.63 percent in the past 24 hours to trade at $41,973.30. BTC has gained 0.11 percent in the past week and is holding on to year-to-date gains of more than 153 percent. The leading cryptocurrency traded between $42,254.61 and $40,234.58 in the past 24 hours.

Bitcoin’s crypto market dominance also declined to 51.92 percent, from 52.49 percent a day earlier.

Ethereum also shed 0.73 percent in the past 24 hours to trade at $2,227.77. Though Ether gained only half a percent in the past week, its year-to-date gains exceed 86 percent. Ether’s 24-hour trading range was between $2,245.49 and $2,160.36.

Ethereum’s share of the crypto market now stands at 16.95 percent versus 17.10 percent a day earlier.

BNB (BNB), the native token of the cryptocurrency exchange recouped year-to-date losses with an overnight rally of 3.2 percent and weekly addition of 9.3 percent.

5th ranked XRP (XRP) edged down 0.32 percent overnight to trade at $0.6233. XRP added 1.9 percent in the past week and 83 percent in 2023.

6th ranked Solana (SOL) recorded gains of 2.8 percent, lifting weekly gains to 17.5 percent and year-to-date gains to 614 percent.

Cardano (ADA) rallied 8.4 percent in the past 24 hours. The cryptocurrency has surged 49 percent in the past week and 137 percent in 2023.

Powered by an overnight rally of more than 10 percent, Avalanche (AVAX) jumped to the 9th rank overall. Avalanche’s weekly gain exceeds 82 percent whereas year-to-date gain is more than 273 percent.

Dogecoin (DOGE) slipped one notch to the 10th rank overall amidst an overnight decline of 2.1 percent. The dog-themed meme-coin is still holding on to weekly gains of 7.8 percent and year-to-date gains of 37 percent.

11th ranked TRON (TRX) slipped 0.73 percent overnight.

The overnight rally of 7.8 percent helped Polkadot (DOT) earn a slot among the top-10 non-stablecoin cryptocurrencies. DOT is ranked 12th overall.

15th ranked Toncoin (TON) is the highest ranking crypto to trade with year-to-date losses.

54th ranked KuCoin (KCS) is the biggest gainer in the past 24 hours with a surge of more than 36 percent. 41st ranked Celestia (TIA) gained 27 percent, followed by 100th ranked Osmosis (OSMO) that added 23 percent. 36th ranked Injective (INJ), 64th ranked Beam (BEAM), 20th ranked Cosmos (ATOM), 58th ranked ORDI (ORDI) and 77th ranked Helium (HNT) are the other big gainers among the top 100 that have added more than 10 percent in the past 24 hours.

88th ranked Curve DAO Token (CRV), 83rd ranked eCash (XEC) and 84th ranked Frax Share (FXS) have all declined close to 7 percent.

For More Cryptocurrency News, visit

Source: Read Full Article