How Cryptocurrencies are Moving After the Release of US Inflation Figures

The US annual inflation rate was 8.6 percent, the highest level in the last 40 years, and the May inflation rate was announced as 1 percent. After the announcement of inflation figures in the crypto money markets, a downward volatility occurred, while the total market value decreased to $ 1.81 trillion. During the day, the total value stood at an average of $1.21 trillion.

A negative outlook prevails in the market towards evening hours. Almost all of the top 100 cryptocurrencies are currently negative. The average trading volume for the last 24 hours is around $62 billion.

Bitcoin (BTC) fell to the $ 29,000 limit

While Bitcoin was moving around $30,000 throughout the day, it turned down with the release of US inflation figures. While the downward volatility continues, Bitcoin, which has lost 2.5 percent in the last two hours, has bottomed in the $ 29,200 band so far and is testing the bottom of June with its current price level.

While the downward trend in the largest cryptocurrency continues, its market value has decreased to 560 billion dollars.

The latest situation in the altcoin market

The altcoin market saw trades that slowed the decline yesterday after re-entering a bearish trend after the demand surge at the beginning of the week. Today, as the selling pressure returns, the total market capitalization has dropped to $618 billion.

After testing the $1,700 limit, the largest altcoin has seen a reaction up to $1,735 as of now. The Ethereum market is currently losing 2.5 percent weekly after the last 24-hour losses were 3.5 percent.

Among the top 10 crypto assets, BNB Coin maintains its position compared to yesterday, continuing at $ 290. At the moment, the heaviest losses were in Cardano (ADA) down 7.5 percent and Solana (SOL) down 5%. ADA slides below $0.6, while SOL retreats to $38 band.

Among the top 100 cryptocurrencies, the steepest decline occurred in Elrond (EGLD), Algorand (ALGO), Apecoin (APE) and Gala (GALA), which saw a loss of nearly 10 percent. While Bitcoin SV, which is in the 49th place, maintains its daily rise of 1 percent, the 17th LEO token and BNB Coin continued to move at the price level of yesterday.

On a weekly basis, Helium (HNT) continues to be the most profitable cryptocurrencies with 37%, Chainlink (LINK), 26% and LEO 12% value increases. On the other hand, the altcoins that lost the most in the top 100 this week were Internet Computer (ICP), Waves (WAVES) and Elrond (EGLD), which lost more than 25 percent.

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