Crypto Prices: Altcoins Suffer More Post the US CPI, Bitcoin Below $29K

After a brief uptick earlier during the week, the crypto markets are again witnessing selling pressure, with the largest crypto being trading below $30K. At the time of writing this copy at around 4:05 pm (IST), bitcoin quoted at $28,967, trading lower by over 3%. In November last year, bitcoin logged an all time high of close to $69K.

On the plunge in the digital token world, the global m-cap is placed at $1.81 trillion, while the volume over the previous day has gone higher by close to 20%.

The US inflationary pressure is seen building on assets alike, after the US markets in the overnight trade nosedived by up to 3.5% on the NASDAQ.

Of the top 20 crypto asset list compiled by Coindesk, those trading by maximum weakness include Ethereum down over 10%, Chainlink down over 12%, ATOM, MANA and Polygon all down by over 8%. Memecoins on the other hand traded softly by between 4-5% as in the case of ShibaInu and Dogecoin.

Outlook for cryptocurrencies going ahead:

It is believed by analysts that amid inflation as investors reduce exposure to riskier assets, there will build more pressure on cryptos, which saw altcoins drop by a even higher percentage post the release of the US CPI. And going by the technicals, for bitcoin there is suggested that with high price volatility the crypto can touch its lower support at $25K-$27K.