CPI data due shortly: Bitcoin dominance continues to rise as most altcoins pull back
October 14 — According to CryptoPotato, U.S. CPI data is due at 8:30 p.m. tonight. Bitcoin’s dominance in the crypto market has continued to climb to 60%, while most altcoins have weakened across the board, reflecting a clear shift toward BTC as investors seek safety.
Market update: After failing to break through resistance at $87,000, BTC briefly dipped to a multi-week low of $80,400. It then formed a higher low and is now trading sideways between $83,000 and $84,000 as the market awaits the CPI release.
Meanwhile, altcoins have seen a sharp split in performance. ETH has edged down to $2,500, while XRP and SOL have also declined. RAIN and QNT have plunged nearly 10% and 7.5%, respectively, while TIA, CRV, RENDER, and other tokens have posted intraday losses of 8%–10%.
Only a handful of coins have bucked the trend, with BTW surging 47% to above $2.60. The total crypto market cap has slipped 0.5% to $2.79 trillion.
According to Coingecko data, the total crypto market cap is currently down slightly by 0.5%, at $2.92 trillion. Bitcoin’s market cap stands at approximately $1.68 trillion.
Overall, amid macroeconomic uncertainty, risk appetite has waned and capital has flowed preferentially into Bitcoin as a safe haven. This has driven Bitcoin dominance higher, pushing it past the key 60% threshold.
Some analysts believe that if tonight’s CPI inflation data comes in higher than expected, it could put further pressure on risk assets across the market, leaving altcoins vulnerable to a deeper pullback.
What do you think? Will tonight’s CPI release break the current pattern of Bitcoin trading sideways while altcoins fall across the board? Share your thoughts in the comments.
#CPI
October 14 — According to CryptoPotato, U.S. CPI data is due at 8:30 p.m. tonight. Bitcoin’s dominance in the crypto market has continued to climb to 60%, while most altcoins have weakened across the board, reflecting a clear shift toward BTC as investors seek safety.
Market update: After failing to break through resistance at $87,000, BTC briefly dipped to a multi-week low of $80,400. It then formed a higher low and is now trading sideways between $83,000 and $84,000 as the market awaits the CPI release.
Meanwhile, altcoins have seen a sharp split in performance. ETH has edged down to $2,500, while XRP and SOL have also declined. RAIN and QNT have plunged nearly 10% and 7.5%, respectively, while TIA, CRV, RENDER, and other tokens have posted intraday losses of 8%–10%.
Only a handful of coins have bucked the trend, with BTW surging 47% to above $2.60. The total crypto market cap has slipped 0.5% to $2.79 trillion.
According to Coingecko data, the total crypto market cap is currently down slightly by 0.5%, at $2.92 trillion. Bitcoin’s market cap stands at approximately $1.68 trillion.
Overall, amid macroeconomic uncertainty, risk appetite has waned and capital has flowed preferentially into Bitcoin as a safe haven. This has driven Bitcoin dominance higher, pushing it past the key 60% threshold.
Some analysts believe that if tonight’s CPI inflation data comes in higher than expected, it could put further pressure on risk assets across the market, leaving altcoins vulnerable to a deeper pullback.
What do you think? Will tonight’s CPI release break the current pattern of Bitcoin trading sideways while altcoins fall across the board? Share your thoughts in the comments.
#CPI