The recent performance of the major cryptocurrencies suggests that the crypto market failed to keep a positive trend on Thursday, October 12. In the meantime, a number of macroeconomic variables have persisted in dampening investors’ spirits and compelling them to remain passive in the face of the market’s unpredictability. Notably, the crypto market’s fear and greed index fell to the fear zone today and remained at 40.
Investors are evaluating how the Israeli war may affect the world economy, as the most recent economic statistics revealed that US inflation has increased at its fastest annual rate since April. The US PPI, a key indicator of inflation, increased 2.2% in September, marking the largest gain since the spike in April.
On a month-to-month basis, the inflation appears to have moderated from the reading in August. The US PPI increased by 0.5% over the past month, following an increase of 0.7% in August. Although the statistic indicated that inflation has moderated somewhat, it nevertheless remained higher than market expectations.
Looking at the most recent cryptocurrency values, Bitcoin has been struggling to keep its position above the $27,000 barrier after recently gaining momentum. Bitcoin’s price was down 0.95% to $26,841.60 as of the publication of this article, but its volume during the previous 24 hours increased 13.64% to $12.68 billion.
Despite a different picture in the larger market, Ethereum’s price managed to hold steady, increasing 0.15% to $1,562.43. While its market value increased 0.13% to $187.86 billion, its volume from yesterday declined by 9.47% to $4.97 billion.
However, at the time of writing, the price of XRP was down 0.81% to $0.4864 and its volume was up 3.82% to $735.26 million. The price of Solana is down 2.14% to $21.72 at the same time as its volume over the previous 24 hours increased by 7% to $270.05 million.
The performance of the meme coins also indicated that, despite the market being extremely unpredictable, investors are turning their attention to safer assets. During the time of writing, the Dogecoin price dropped 1.17% to $0.05827 and its volume dropped 4% to $128.81 million. Shiba Inu’s price fell by 1.08% to $0.000006793 at the time of writing, but its volume increased by 0.91% from the previous day to $72.69 million.
The market capitalization of all cryptocurrencies fell by 0.45% to $1.05 trillion, from a high of over $1.09 trillion at the beginning of this week. As of this writing, the market’s total volume increased 1.42% to $25.64 billion.
These Are Today’s Top 4 Cryptocurrencies: Pepe Coin Tumbles 1%
As of writing on October 12, the Pepe coin’s price has dropped by 1.39% to trade at $0.0000006342, and its volume over the previous 24 hours had dropped by 46.51% to $43.27 million. At the same time, its market cap from yesterday fell by 1.40% to $248.22 million. Notably, the cryptocurrency’s continuous decline has reduced its price by 11% during the past seven days.
10% More from Loom Network (LOOM)
As of this writing, the Loom Network price was trading at $0.2132, up 10.57% from yesterday. The price of cryptocurrencies has recently increased, ranking among the top gainers in today’s session. Additionally, it has reached its annual high.
Gains of 4% for Frax Share (FXS)
As of writing on Thursday, the Frax Share price had increased by 4.40% to $5.44, and its volume had increased by 47.36% to $19.06 million from the previous day. Nevertheless, despite recent advances, the price of cryptocurrencies has fallen more than 3% during the past week. Investors appear to have praised Frax Finance’s most recent launch of FraxV3 in the meantime.
Gala (GALA) increases 3%.
At the time of writing, the Gala cryptocurrency’s price was up 3.36% to $0.0135, while its trading volume fell by about 18% to $27.32 million. However, the market capitalization of the cryptocurrency increased by 4.11% to $336.17 million. The crypto’s price increases during a market downturn have garnered attention in today’s session, despite the fact that there is no clear news driving its current climb.