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HomeNewsStay Chill, BTC's Here: Exploring Bitcoin Dominance Amid Altcoin Dips

Stay Chill, BTC’s Here: Exploring Bitcoin Dominance Amid Altcoin Dips

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  • Significant losses have been experienced by major altcoins, while Bitcoin has gained 2.75 % during the last day and is still comparatively stable.
  • Future CPI data may have an impact on market volatility, which may be exacerbated by historical Bitcoin moves from dormant whale wallets.

Major altcoins are suffering the most from the current extreme turmoil in the cryptocurrency market. Prominent cryptocurrencies, including Solana, Dogecoin, Cardano, Shiba Inu, and the Ripple token XRP, have all suffered losses above 3% throughout the last 24 hours.

Particularly, Solana has suffered a more than 5% loss, making it the least performing asset out of the top 10 cryptocurrencies, according to CoinGecko data.

Bitcoin’s Stability Amidst Market Fluctuations 

Even with the general market slump, Bitcoin has remained comparatively stable. Bitcoin is now valued at about $62,332.71, up 2.75% in the last 24 hours, according to CoinMarketCap’s most recent data. This increase shows its resistance to market volatility in the face of a general decline of 3.23% over the preceding week.

Even if the price of the cryptocurrency only marginally fell by 0.1% in the same time frame, its dominance has been growing and is now more than 55% of the whole market share.

Now the focus of the market is on the Consumer Price Index (CPI) data, which is due for release on Wednesday, in line with what ETHNews previously disclosed.

This economic metric is much awaited since it can give the cryptocurrency market a much-needed boost in the bullish direction and possibly create conditions for extreme volatility in the next week.

A lower-than-expected inflation rate, according to analysts, would drive prices higher and perhaps force the US Federal Reserve to think about cutting interest rates. On the other hand, the performance of the market can suffer from a dismal CPI result.

Historical Movements in Whale Wallets 

According to prior ETHNews reporting, the movement of a sizable amount of Bitcoin by two whale wallets that had lain dormant for more than ten years has influenced both investors and traders’ perceptions of the market’s dynamics.

Following their more than 10 years of inactivity, these wallets just moved 1,000 BTC, which are now valued at about $60.9 million.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Syofri
Syofri
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628
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