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The crypto market seems to have struggled to maintain a positive momentum on Thursday, October 12, as evidenced by the recent performance of the major cryptocurrencies. Meanwhile, several macroeconomic factors have continued to weigh on the investors’ sentiment, forcing them to stay on the sideline amid the topsy-turvy scenario in the market. Notably, the fear and greed index of the crypto market declined to a fear zone today and stayed at 40.
Investors are assessing the potential impact of the Israel war on the global economy, while the latest economic data showed that the US inflation has risen at its highest annual pace since April. The US PPI, a core metric to gauge inflation, rose 2.2% in September, noting its highest increase since April’s surge of 2.3%.
However, the inflation, on a month-on-month basis, seems to have cooled from August’s reading. The US PPI for the last month rose 0.5%, after a surge of 0.7% in August. Although the number showed that the inflation has cooled off a little, it still remained higher than the market anticipations.
Looking at the recent crypto prices, Bitcoin has failed to maintain its level above the $27,000 mark, after holding that momentum in recent days. As of writing, Bitcoin price was down 0.95% to $26,841.60, while its volume over the last 24 hours rose 13.64% to $12.68 billion.
However, the Ethereum price showed some resilience, despite a different scene in the broader market, rising 0.15% to $1,562.43. Its volume from yesterday decreased by 9.47% to $4.97 billion, while its market cap rose 0.13% to $187.86 billion.
On the other hand, the XRP price was down 0.81% to $0.4864 during writing, with its volume adding 3.82% to $735.26 million. Simultaneously, the Solana price slips 2.14% to $21.72, and its volume for the last 24 hours rose 7% to $270.05 million.
The performance of the meme coins also suggested that the investors are shifting their focus towards safer assets amid a highly volatile condition in the market. The Dogecoin price slipped 1.17% to $0.05827 during writing, and its volume fell 4% to $128.81 million. Simultaneously, the Shiba Inu price dropped by 1.08% to $0.000006793 as of writing, and its volume rose 0.91% from yesterday to $72.69 million.
The global crypto market cap was down 0.45% to $1.05 trillion, after rising to around $1.09 trillion at the start of this week. Meanwhile, the market’s overall volume rose 1.42% to $25.64 billion as of writing.
Also Read: Fed Officials Consider Rate Hike Before 2023 End, What It Means for Bitcoin?
The Top 4 Cryptos For Today Are:
Pepe Coin Tumbles 1%
The Pepe coin price decreased by 1.39% to trade at $0.0000006342 as of writing on October 12, while its volume over the last 24 hours fell 46.51% to $43.27 million. Meanwhile, its market cap from yesterday declined 1.40% to $248.22 million at the same time. Notably, the crypto’s continued downturn performance has wiped off 11% from its price over the last seven days.
Loom Network (LOOM) Adds 10%
The Loom Network price traded at $0.2132 as of writing, with a surge of 10.57% in its price from yesterday. The recent gain in the crypto price makes it one of the top gainers in today’s session. In addition, it has also touched its yearly high of $0.2167 today.
Frax Share (FXS) Gains 4%
The Frax Share price noted gains of 4.40% to $5.44 as of writing on Thursday, and its volume jumped 47.36% to $19.06 million from yesterday. However, despite the recent gains, the crypto price has lost more than 3% over the last seven days. Meanwhile, the investors seem to have lauded Frax Finance’s latest introduction of FraxV3.
Gala (GALA) Soars 3%
The Gala crypto price was up 3.36% to $0.0135 during writing, while its volume declined around 18% to $27.32 million. On the other hand, the market cap of the crypto rose 4.11% to $336.17 million. While there is no apparent news explaining its recent surge, the crypto’s price gains during a market downturn have attracted attention in today’s session.
Also Read: Ellison’s To-Do List Unearths FTX’s Push Against Binance
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