Crypto Prices Today: Bitcoin At 48K, XRP & Pepe Coin Decline As IMX Rallies

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Crypto Prices Today: Bitcoin At 48K, XRP & Pepe Coin Decline As IMX Rallies

Crypto Prices Today: Bitcoin At 48K, XRP & Pepe Coin Decline As IMX Rallies

The crypto prices today saw a bearish turn as Bitcoin and Ethereum registered declines along with other top cryptocurrencies.
By Coingape Staff2 hours ago

STORY HIGHLIGHTS

Bitcoin managed to sustain over $48,000 despite the price dip.
Ethereum fell below $2,500 while XRP sustained over $0.52.
Solana traded fairly above the $100 mark.

The crypto prices today saw a bearish session as Bitcoin (BTC) was in the red but sustained over the $48,000 mark. Whilst, Ethereum dropped below the $2,500 level and registered a significant downturn. Meanwhile, other top altcoins, such as XRP, Solana (SOL), and Cardano (ADA) witnessed significant losses due to the bearish turn.

Major Crypto Prices Today

The Bitcoin price sustained over $48,000 today. The Bitcoin price was down by 0.55%, reaching $48,128.66 at the time of writing on Monday, Feburary 12. On the other hand, it’s trading volume soared by 8.46% to $19.53 billion in the last 24 hours. Meanwhile, the crypto boasted a market cap of $944.54 billion
Looking at altcoins, the Ethereum price dipped 1.09% to $2,498.56 at press time with market valuation of $1.86 billion. Whilst, ETH recorded a 24.37% increase in its trade volume, reaching $7.10 billion. Furthermore, the Binance Coin (BNB) price dropped by 1.30% in value, reaching $31.9.95 Whilst, its 24-hour trade volume declined by 1.69% to $720.04 million.
The Solana price sustained over the $100 mark today. The Solana price was down by 3.46%, reaching $105.83 Furthermore, SOL witnessed a 5.19% dump in trade volume to $1.53 billion in the last 24 hours. Moreover, the XRP price recorded a dip of 0.88%, settling at $0.5226. On the contrary, XRP’s trading volume surged by 24.48% to $752.68 million.
Meanwhile, the Cardano price witnessed a slump of 4.44% to $0.5381 today. Moreover, it recorded a 8.28% decline in its 24-hour trading volume, settling at $437.28 million. In the meme coin arena, the Dogecoin price dropped 2.01% to $0.08044 while its rival, Shiba Inu, registered a 1.43% plunge in value and traded at $0.000009327.
Also Read: XRP To Integrate With Key Ally Flare Networks, Here’s How

Top Crypto Prices Today Are

Pepe Coin Trades In The Red

Pepe Coin 1-day Graph, Source: CoinMarketCap
The Pepe Coin (PEPE), a hyped meme crypto, dropped significantly today. At press time, the Pepe Coin price was down by 1.96% to $0.000001005 with a market valuation of $422.75 million. In contrast, its 24-hour trade volume increased by 9.41% to $66.19 million.

Immutable: The Top Gainer Today

Immutable 1-day Graph, Source: CoinMarketCap
The Immutable crypto surged over 8% on Monday. The Immutable price soared by 8.25% to $2.95 at the time of reporting with a market valuation of $3.99 billion. However, its trade volume slipped by a massive 23.48% to $198.18 million.

Flare Rallies 6%

The Flair (FLR) crypto, a part of the DWF Labs portfolio, witnessed a notable upswing today. The Flare price increased by 6.48% to $0.03237 at the time of reporting. In addition, its trade volume skyrocketed by a staggering 302.20% to $49.14 million. Furthermore, Flare recorded a high of $0.0349 during the bullish run.
Also Read: Top Analyst Predicts Bitcoin (BTC) Price to Hit $112K in 2024
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Crypto Market This Week: What To Expect From CPI, PPI & Other Key Data

Crypto Market This Week: What To Expect From CPI, PPI & Other Key Data

The crypto market is bracing for key data such as CPI and PPI this week, which could have implications on Bitcoin and other cryptocurrencies.
By Coingape Staff24 hours ago

STORY HIGHLIGHTS

The CPI data is expected to mirror December 2023's trend.
An unprecedented rise in CPI could boost Bitcoin adoption.
If the PPI echoes December's approach, it'll mark a notable milestone in controlling inflationary pressures.
As the Fed rate cut or pause decision has been postponed, a heightened volatility can be expected in the crypto space

Investors are eagerly awaiting the release of the January Consumer Price Index (CPI) report, set for 8:30 a.m. EST on Tuesday, February 12 to assess the Federal Reserve’s progress in its battle against inflation. Market participants have tempered expectations for a rate cut in March. However, the Fed is considering postponing the cut to May-June due to unavoidable reasons. Moreover, Tuesday’s data will be pivotal in shaping market sentiment.

What To Expect From Key Data Release This Week?

Consumer Price Index (CPI)

According to forecasts from FactSet, the U.S. CPI is expected to rise by 0.2% in January, consistent with December’s increase. Moreover, Core CPI, which excludes volatile food and energy prices, is forecasted to rise by 0.3% in January, mirroring December’s uptick. Whilst, year-over-year, CPI is projected to rise by 2.9% in January, slightly lower than December’s 3.4%. Meanwhile, core CPI is anticipated to increase by 3.7% YoY, down from 3.9% in December.
Katie Nixon, Chief Investment Officer at Northern Trust Wealth Management, anticipates that January’s CPI growth will “continue to trend in the right direction,” according to a Morning Star report. However, she added that it’ll be at a slower pace compared to declines in PCE inflation, the Fed’s preferred measure.
In the crypto market, heightened uncertainty surrounding inflation and monetary policy often leads investors to seek alternative assets such as Bitcoin (BTC) and other cryptocurrencies. Moreover, Bitcoin acts as a hedge against inflation, which could boost its adoption in case of a rise in inflation. Moreover, if the increase is higher than the expectations, the chances of a shift to the crypto market are higher.

Producer Price Index (PPI)

Since the January CPI and Core CPI is expected to witness an increase, the PPI might also see an uptick as they are correlated. However, in December 2023, the PPI fell by 0.1% despite the growing concerns of inflation. Moreover, the year-over-year increase was 1%, indicating a significant milestone in the efforts to control inflation.
Hence, if it mirrors the same trend again, it could be a major catalyst in minimizing the inflationary pressure further. The decrease in PPI could eventually help in lowering the CPI surge. This could limit the shift to volatile and risky assets like Bitcoin and other cryptocurrencies.
Also Read: End Of The American Empire? Robert Kiyosaki Deems Bitcoin As Savior Amid Debt Crisis

Housing & Rent Expenses

Furthermore, Nixon highlighted that while inflation is broadly declining, certain components, such as housing costs and services, are slower to follow suit due to their sticky nature. Jeffrey Roach, Chief Economist at LPL Financial, echoed this sentiment and emphasized that the lag in certain categories like services and rent prices contributes to the complexity of inflation dynamics. However, analysts across the board anticipate a fall in rent inflation in the coming months.
On the other hand, prices for goods have fallen swiftly enough to pull headline inflation down in recent months. Nixon describes this trend as a “push/pull” dynamic, with progress on the goods side offsetting inflation from the services side.

Labour Market’s Role In Inflationary Pressure

The persistent strength of the labor market poses challenges to inflation moderation. Real wage gains and robust employment figures continue to drive consumer spending, potentially exerting upward pressure on prices. Last week’s strong jobs report served as a reminder that the “last mile” of inflation remains elusive, according to Nixon.
Risks to January’s inflation outlook include potential inflationary pressures from rising manufacturing costs and supply chain disruptions, particularly in the Red Sea region. These challenges could complicate the Fed’s decision-making process as it assesses the timing of potential rate cuts.

Fed Rate Cut Or Pause?

According to the CME FedWatch Tool, expectations for a rate cut in May stand at 52%, while there is a 39% chance of rates remaining steady. Federal Reserve Chair Jerome Powell has emphasized the need for more evidence of sustained inflation moderation before considering rate cuts. Moreover, he highlighted the importance of monitoring economic data closely.
Furthermore, officials are also considering to postpone the Fed rate cut to the May-June period due to various factors and its anticipated impact on the markets. As expectations for a potential rate cut fluctuate, crypto prices may experience increased volatility as traders react to shifting macroeconomic trends.
Also Read: Crypto Surfaces as a Viable Alternative Amid US Tax Filing Challenges
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Chainlink (LINK) Price Jumps 10% Past $20 Amid Strong Whale Accumulation

Chainlink (LINK) Price Jumps 10% Past $20 Amid Strong Whale Accumulation

A mysterious Chainlink whale has been on a solid accumulation spree adding $83 million worth of LINK tokens in just the past 5 days.
By Bhushan Akolkar1 day ago

STORY HIGHLIGHTS

A mysterious Chainlink whale accumulated 4.5 million LINK tokens in five days.
There's a strong outflow of LINK tokens from exchanges hinting more bullish action ahead.
Crucial Chainlink price breakout can lead to a rally past $25.

After facing a pullback to $18 earlier this week, oracle service provider Chainlink (LINK) has once again jumped by 10% shooting past the $20 level. As of press time, the Chainlink (LINK) price is trading at $20.16 standing at a crucial breakout junction. Analysts have been already predicting a further rally to $25.

Chainlink Whale Makes Huge Accumulation

In recent days, there has been a notable surge in interest from Chainlink whales, particularly spurred by intensified activity from a specific whale wallet.
Data from Lookonchain indicates that this particular whale wallet has been steadily accumulating LINK over the past three days. As of now, the whale wallet has acquired a total of 4,556,684 tokens, valued at approximately $83.6 million based on the current LINK price.
The continuous accumulation by this whale wallet is viewed as a positive indicator, hinting at expectations for a potential future rise in the LINK price.
A critical metric analysis revealed a significant rise in the total number of Chainlink holders. According to Santiment data, there has been a noticeable increase in the count of LINK holders over the recent months.
Between January and the present date, the number of holders has surged by approximately 9,000, reaching a total of 717,000 holders as per the latest data available. Additional examination of the exchange supply reveals a recent pattern where investors are withdrawing their LINK holdings from exchanges.
As of the latest data available, the supply on exchanges has also decreased to around 21.5% of the total LINK supply. This trend also suggests that, as accumulation persists, a considerable portion of LINK holdings is moving away from exchanges.
The withdrawal from exchanges signifies an expectation of a possible future price surge, which could drive the LINK price upward from its current position.

LINK Price Action

Despite many tokens experiencing a downtrend, Chainlink (LINK) has been a standout performer, showcasing substantial price momentum over the last 30 days. With a remarkable 35.37% surge last month coupled with an additional 15% gain in the past week, the dominance of bullish momentum is evident from the green lines on the Chainlink charts.
Following its ascent past the $18.57 resistance level, the next significant hurdle lies at the $20.58 resistance trendline. A successful breakthrough of this zone could potentially propel the Chainlink price towards the $25 mark in the forthcoming months.
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Crypto Headlines Of The Week: Bitcoin, Solana, & Shiba Inu Fuels Inferences

Crypto Headlines of The Week: Bitcoin, Solana, & Shiba Inu Fuels Inferences

Another week ends with substantial developments witnessed across the crypto realm. Bitcoin, Solana, and Shiba Inu gained the most traction.
By Coingape Staff1 day ago

STORY HIGHLIGHTS

Bitcoin surged passed the $47K mark this week.
Solana outage fueled a cyclone of speculations.
Shiba Inu propelled market optimism.

Another week ends with substantial developments witnessed across the cryptocurrency landscape. Among these developments, Bitcoin, Solana, and Shiba Inu appear to have gained the most traction within the market. Aligning with these, some of the top headlines that birthed tidal waves of speculations are:

Bitcoin Surges Past $47K

Bitcoin, the world’s first-ever digital currency, saw quite the week as its price surged past the $47K mark pre-halving recently. As per market charts, the token traded at $47,336.68 as of press time, garnering noteworthy interest among crypto market enthusiasts. Meanwhile, retail and institutional investors accumulated spot Bitcoin ETFs as BTC price rallied, nearing $48K as of Friday. Amid this chronicle, BlackRock inflows registered a gradual decrease this week, with Grayscale Bitcoin ETF dropping to a record low.
In the interim, Ark 21 shares and Microstrategy’s BTC holdings topped $10 billion, hinting at increased investor confidence. This further aligns with the price surge witnessed by BTC recently.

Solana’s Outage

The Solana network witnessed an outage of roughly 5 hours, birthing market panic across the crypto realm this week. Market experts proclaim that the SOL Mainnet encountered a substantial performance degradation chronicle due to BPF loader and TPS issues, halting Solana’s block processing at 10:00 UTC on Tuesday.
Aligning with this, Upbit, a renowned cryptocurrency exchange, unveiled plans to halt trading for SOL, GMT, RAY, and ACE tokens. The SOL price also witnessed a notable impact following the outage, plunging significantly.
Also Read: 5 Reasons Why Terra Luna Classic (LUNC) Price Is Rising

Shiba Inu Sparks Optimism

Shiba Inu, a prominent Ethereum-based meme coin, marked a storm of strides this week as the cryptocurrency advanced with numerous developments. Firstly, its partnership with K9 Finance to facilitate seamless BONE staking gained significant traction. Subsequently, Marswap’s expansion of services on Shibarium, bringing a plethora of new features, further jacked up the SHIB tokenomics.
Additionally, WoofSwap’s plans to consider bridging Shibmap to ERC404 further revolutionized Shiba Inu’s cryptographic venture. In the interim, the meme coin’s burn rate also witnessed a jump quite a few times this week, birthing market optimism for SHIB.
Also Read: Justin Sun Burns $50M in HT Tokens, Supply Shrinks to 110M

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