- The cryptocurrency market exhibited a mixed price movement today after showing signs of recovery following yesterday’s US Consumer Price Index (CPI) data release.
- Bitcoin (BTC) and leading altcoin Ethereum (ETH) are grappling with market volatility, while AI-based coins emerged as big winners today.
- BTC lost its upward momentum from yesterday, falling back to the $67,000 level, with ETH following suit and dropping below $3,500. However, notable gains were seen in Solana (SOL), XRP, and Dogecoin (DOGE).
The crypto market experiences volatile movements amid mixed data, with AI-powered coins leading the gains.
Market Overview: Mixed Reactions to CPI Data
The general market cap of cryptocurrencies surged by 1.49% to $2.48 trillion between yesterday and today. Despite the increase in market cap, the total trading volume declined by 2.86% to $87.7 billion, reflecting a cautious approach from investors. As of June 13, here’s a brief look at the price movements of top cryptocurrencies:
Bitcoin and Ethereum Under Pressure
Despite trading predominantly in the green within the last 24 hours, Bitcoin’s price faced volatility pressure. As of this writing, BTC experienced a slight drop of 0.19%, settling at $67,263.78. The 24-hour low and high were recorded at $67,197.69 and $69,977.89 respectively, with Bitcoin’s market dominance falling by 0.27% to 54.19%. Currently, the market cap stands at $1.32 trillion.
Ethereum followed a similar volatile path, with a minor decline of 0.08% in the last 24 hours, bringing its price to $3,502. The 24-hour low was $3,478.89, while the high reached $3,652.49. Ethereum’s market cap is $420.72 billion, indicating a bearish trend despite notable trading activities.
Strong Performances from Solana, XRP, and Dogecoin
Solana showed resilience with a 1.23% increase, trading at $151.56. Its 24-hour low and high were $149.68 and $161.51 respectively. Ripple’s XRP also followed the general market trend, climbing 0.92% to $0.486. The coin’s 24-hour low and high were $0.4783 and $0.4975. Dogecoin stood out with a 3.05% rise, reaching $0.143, whereas Shiba Inu dropped by 1.22% to $0.00002161. Additionally, Pepe Coin saw a marginal increase of 0.47% to reach $0.00001282.
Altcoins Performance: Notable Gains
Among altcoins, Uniswap (UNI) led the market rally with over an 11% increase. Chainlink (LINK) also showed a strong performance, climbing by 6%. AI-based cryptocurrencies took the spotlight today with significant gains:
- Injective (INJ) rose by 11.01% to reach $30.11.
- Fetch.ai (FET) saw a growth of 6.10%, trading at $1.64.
- Livepeer (LPT) surged by 18.25%, hitting $23.91.
TON Reaches New Heights
The Open Network’s native cryptocurrency, Toncoin (TON), achieved a new all-time high. As of now, Toncoin has increased by 8.53%, trading at $7.64, with a market cap boost of $18.5 billion, making it the 9th largest cryptocurrency.
Conclusion
The cryptocurrency market remains as volatile as ever, reacting to mixed data and investor sentiment. While Bitcoin and Ethereum struggle with stability, AI-based coins and other altcoins are showing promising gains. Investors should continue to monitor market movements closely, as the landscape can shift rapidly, offering both risks and opportunities.
