The crypto market turns red after new inflation figures from the United States. This is an unexpected turn of events given that the consumer price index (CPI) data turned out more positive than expected.
Despite this, we have some altcoins in the top 100 that still turn green today, but that is not the case for the majority. Therefore, the total market cap of crypto is down 1.2% to $1.227 trillion. Still, several stocks are starting to show signs of recovery at the time of writing.
⚡Market Overview#Bitcoin price trades above $30K
— CryptoRank Platform (@CryptoRank_io) July 13, 2023
Bitcoin price falls after CPI
Bitcoin (BTC) almost touched $31,000 again shortly after new inflation figures from the US, but the price then took a big dive. Perhaps fear about the shifting of a large pile of BTC from the US government is playing a role here. At the time of writing, bitcoin appears to be looking to recover and break through resistance around USD 30,400. However, with a price of $30,450, bitcoin is still down 1.1% today.
With the market consolidating below the $30k ‘mid-point’, we can see that around 75% of the total supply is in-profit, and 25% is held in-loss. This is, strangely, the same balance reached as price reached the mid-points in both 2016 and 2019.
In fact, this 75:25 balance of… pic.twitter.com/z5Ao6ZehuL
— glassnode (@glassnode) July 12, 2023
Ethereum still follows BTC
Ethereum (ETH) largely followed bitcoin again in the past 24 hours, dropping to $1,865. ETH is currently also starting to recover, but is still down 0.8% at $1,876.
The monthly average of active $ETH addresses is currently lower than the annual average.
— Ali (@ali_charts) July 12, 2023
Cardano falls hardest in red crypto top 10
We also see a similar recovery in the rest of the top 10, but most prices are still in the red. Ripple (XRP) is only down 0.3% and is around $0.473. Dogecoin (DOGE) is down 0.5% to $0.065. Solana (SOL) is down 0.7% today at $21.9.
Polygon (MATIC) and binance coin (BNB) are currently rising sharply, but are both still down 0.9%. Cardano (ADA), however, lags behind and sees little recovery. The ADA price is down 1.9% today at $0.287.
— Benjamin Cowen (@intocryptoverse) July 11, 2023
Litecoin only climber altcoin top 10
Yet we have a notable exception in the top 10: litecoin (LTC). The LTC price started rising hard early this morning and just broke through the $100 mark. At $100.8, LTC is up almost 4% today.
Markets are reversing.
— Michael van de Poppe (@CryptoMichNL) July 13, 2023
Kava takes the hardest hit in crypto top 100
Although most of the top 100 turn red, most prices are less than 3% in the red. However, sui (SUI) and pepe (PEPE) are down about 3%. Algorand (ALGO) is down 4.4% and kava (KAVA) is even down 11.5% to $0.94.
Kaspa is rising fastest in crypto top 100
On the other hand, we have some big risers. Radix (XRD), like litecoin, is almost 4% up. Compound (COMP) is even up 6% to USD 70.6. Kaspa (KAS) steals the show today, shooting up more than 8% to $0.0265. KAS is even up 24% compared to a week ago.
Top coins by AltRank™ on https://t.co/Ye6Yvoh7kQ
Thursday, 13 July 2023, 08:01 UTC. pic.twitter.com/QvlkwAx4yG
— LunarCrush (@LunarCrush) July 13, 2023
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