US Inflation Concerns Rattle Markets, but Bitcoin and Cryptocurrencies Remain Resilient

  • On Friday, there was a positive momentum in the crypto market, indicating that investors were regaining confidence in the market despite economic data being hotter than expected.
  • Bitcoin’s price traded at $26,640, marking a 1.46% gain, and its market value rose to $518,928,247,071 with the same percentage increase.
  • The positive momentum in major cryptocurrencies supported the overall crypto market to stay in the positive territory. The global crypto market value increased by 1.11% to $1.06 trillion yesterday.

US inflation concerns making a comeback have not negatively affected Bitcoin and cryptocurrencies; Bitcoin continues to stand strong.

Bitcoin and Cryptocurrencies Remain Resilient

Bitcoin-BTC

On Friday, there was a positive momentum in the crypto market, indicating that investors were regaining confidence in the market despite economic data being hotter than expected. Data scheduled for this week showed that inflation fears still linger in the market. However, the crypto market took a different turn and turned green after the key data was released.

At the time of writing, the fear and greed index remained at 38, signaling a “fear” sentiment in the market. However, major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and Tron (TRX) remained in the positive zone.

Bitcoin’s price traded at $26,640, marking a 1.46% gain, and its market value rose to $518,928,247,071. The 24-hour trading volume decreased by 8.61% to $12,736,847,613.

Ethereum’s price increased by 0.73% in the last 24 hours, reaching $1,630, while its trading volume decreased by 14.79% to $4,833,534. Solana’s price increased by 2.44% to $19.19 at the time of writing, and its trading volume decreased by 40.73% to $262,932,681.

Cardano’s price increased by 1.70% to $0.2515, while XRP’s price increased by 3.71% to $0.4986. TRON’s price also increased by 3.21% to $0.08383.

The landscape for meme coins was somewhat similar. Dogecoin’s price increased by 1.26% to $0.06224, but its trading volume decreased by 9.90% to $175,979,612. Shiba Inu’s price increased by 1.80% to $0.000007445, and its trading volume decreased to $75.02 million.

The positive momentum in major cryptocurrencies supported the overall crypto market to stay in the positive territory. The global crypto market value increased by 1.11% to $1.06 trillion, while the total crypto market volume decreased by 8.95% to $26.64 billion.

Axie Infinity (AXS) increased by more than 11%

Axie Infinity’s price traded at $4.76 with an 11.8% increase in the last 24 hours. The crypto’s 24-hour trading volume surged by 746.57% to $177,380,899. The double-digit price increase indicates optimism among investors, although some argue it could be a short squeeze.

THORChain (RUNE) increased by 9%

At the time of writing, THORChain’s price had increased by 9.57% to $1.75, with its 24-hour trading volume surging by 22.86% to $71,802,123. The crypto’s market value increased by 6.53% to $579,206,836. It seems to be continuing its uptrend since announcing the completion of its v12 upgrade on September 13.

Cosmos (ATOM) increased by nearly 5%

Cosmos’ price traded at $6.84 with a 4.53% increase on Friday. The crypto’s 24-hour trading volume increased by 4.91% to $82,057,796. It seems to be gaining attention from investors since announcing the completion of its v12 upgrade on September 13.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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