Bitcoin and the entire crypto market are losing ground again today. There’s only one exception within the top 10. What’s next?
While the weekend began with red numbers, the downward trend continues today, Sunday, March 30th. Bitcoin is trading just under 0.7 percent below the previous day’s level in 24-hour comparison and 1.3 percent below the previous week’s price.
Ethereum is hit harder, with a daily loss of just over 2.1 percent, and over the seven-day period, the altcoin has lost 8.3 percent. ETH is trading at $1,840 at the time of writing.
On a daily basis, only Ripple Coin (XRP) is holding its own among the top 10 largest cryptocurrencies. It recorded growth of 2.4 percent compared to the previous day. However, XRP is also not faring well on a weekly basis, with a loss of 9 percent.
On a weekly basis, only Dogecoin is trending positively, with a gain of 0.4 percent. However, DOGE also lost ground on a daily basis, losing almost 2.3 percent and currently trading at $0.17.
One of the reasons: The latest core inflation data for the US was released the day before yesterday, Friday, March 28th. Analysts had expected a month-on-month increase of 0.3 percent – the reported figure was 0.4 percent.
The US economy is therefore in worse shape than expected, which is likely to worsen the chances of an interest rate cut by the US Federal Reserve (Fed).
The crypto sector is suffering the consequences: Not only are the top 10 most valuable cryptocurrencies affected, but the total market capitalization is also falling. Currently, at $2.69 trillion, it is down another 0.7 percent compared to the previous day.
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