Bitcoin Beats Rest of Crypto Market as Ether, DeFi Tokens Struggle
Bitcoin’s market share of all cryptocurrencies rises to highest since April 2021.
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Market Wrap
Bitcoin’s market share of all cryptocurrencies rises to highest since April 2021.
Meanwhile, the market continues to trend downwards amid higher-than-expected U.S. PPI and CPI Data
ETH dropped to its lowest price since March, while most cryptocurrencies struggled as risk-off sentiment took over markets following a slightly hotter-than-expected inflation report and surging rates.
After failing again at $28,000 resistance over the weekend, bitcoin has retreated to its weakest level since late September.
Bitcoin is on track for gains on Friday despite bearish U.S. jobs numbers which initially sent the crypto down nearly 2%.
Bitcoin edged higher to $27,700 Wednesday afternoon as crypto markets calmed after Monday’s sharp rally. XRP and AVAX jumped 3% and 7%, respectively.
Bitcoin price in September (CoinDesk)
Cryptocurrency markets surged higher Thursday, with the price of bitcoin (BTC) breaking above the $27,000 level for the first time alongside easing macro pressures.
The 200-week and 200-day moving averages converge at $27,800, acting as an obstacle to further BTC price gains.
BTC slid to $26,500 as interest rates and the U.S. dollar surged while equities declined.