Bitcoin (BTC) and Ethereum (ETH), the world’s most valuable cryptocurrencies, took a dip in their bull run as their prices fell into the $20,000 and $1,600 ranges, respectively. The reason for the sudden drop is largely being attributed to the US inflation data released last night. Other popular altcoins, including the likes of Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP), ended up in the red across the board. The Terra Classic (LUNC) has emerged as the biggest gainer over the past 24 hours, up nearly 8 percent. Solana (SOL) turned out to be the biggest loser.
At the time of writing, the global crypto market cap is $1 trillion, down 5.90 percent over the past 24 hours, according to CoinMarketCap data.
Bitcoin (BTC) price today
According to CoinMarketCap, bitcoin posted a 24-hour loss of 9.44 percent at a price of $20,307.81. According to Indian exchange WazirX, the BTC price was at 17.25 rupees.
Ethereum (ETH) price today
ETH price was at $1,612.11, which is a 6.39 percent 24-hour drop at the time of writing. According to WazirX, Ethereum price in India was Rs 1.37 lakhs.
Dogecoin (DOGE) price today
DOGE has posted a 4.72 percent 24-hour loss, currently at $0.06066, according to CoinMarketCap data. According to WazirX, Dogecoin price in India was 5.14 rupees.
Litecoin (LTC) price today
Litecoin saw a 24-hour drop of 3.73 percent. At the time of writing, the price was $59.38. The LTC price in India stood at Rs 4,905.01.
Ripple (XRP) price today
XRP price stood at $0.3376, down 5.26 percent over the 24-hour period. According to WazirX, Ripple price was at 28.20 rupees.
Solana (SOL) price today
Solana price was at $33.59, down 13.20 percent over the 24-hour period. According to WazirX, the SOL price in India was 2,830 rupees.
Top Crypto Winners Today (September 14th)
According to CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Terra Classic (LUNC)
24-hour gain: 7.66 percent
24-hour gain: 6.13 percent
24-hour gain: 4.21 percent
Kyber Network Crystal v2 (KNC)
24-hour gain: 3.89 percent
24-hour gain: 1.65 percent
Top Crypto Losers Today (September 14th)
According to CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
24-hour loss: 11.58 percent
24-hour loss: 10.11 percent
24-hour loss: 9.60 percent
24-hour loss: 9.45 percent
24-hour loss: 9.26 percent
What crypto exchanges are saying about the current market scenario
Edul Patel, co-founder and CEO of Mudrex, told ABP Live, “Bitcoin, Ethereum and most cryptocurrencies fell after US inflation data disappointed investors on Tuesday as inflation rose more than expected. After a brief recovery rally, BTC fell to $20,000 in the last 24 hours. It may take some time for investors and traders to digest the report and get back in the market. On the other hand, the second-largest cryptocurrency, Ethereum, also fell 6 percent as uncertainty surrounding the merger loomed. If buyers can sustain ETH above the $1,500 level, we can expect a local recovery.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said: “Just as the week started, Tuesday was pretty much bearish as about 85 percent of the coins and tokens in the top 100 ended up in the red. Remarkably, over the past 24 hours, Bitcoin lost 6.4 percent while Ethereum lost 5.6 percent. The reasons for this crash are still unclear, but speculation is that due to inflation in the world’s strongest economy, the US, the average loss across the market could be in the 5 to 9 percent range. The biggest gainer was LUNC with around 7 percent, and the biggest loss a coin or token has faced was GLM with a loss of around 24 percent and is about to lose its newly acquired position among the top 100 coins and tokens . Ether prices should be monitored constantly as the merger will be activated in just two days.”
WeTrade founder Prashant Kumar also commented on the market scenario: “Inflation rates again impacted the global cryptocurrency market, resulting in a 6 percent drop during US trading hours and taking the global crypto market cap below $1 trillion lowered. We see that the market reacted to the US CPI report which came in higher than expected. Bitcoin, which was at $22,000 during Asian trading hours on Tuesday, is down 9 percent and has hit a resistance level of $20,000 on Wednesday morning. Ethereum also posted a 6.5 percent drop that took the cryptocurrency below $1,600. Similar trends have been seen in other coins including Solana, Cardano and Dogecoin.”
Disclaimer: Crypto products and NFTs are unregulated and can be very risky. There may be no regulatory recourse for losses on such transactions. Cryptocurrency is not legal tender and is subject to market risks. Readers are advised to seek professional advice and carefully read the offering document(s) and relevant key literature on the subject before making any type of investment. Cryptocurrency market predictions are speculative and any investment made is at the sole expense and risk of the readers.