Biggest Crypto Gainers Today on DEXTools – Godzilla, AOKIJI, DEE
Blue chip cryptocurrency prices are lower across the board on Wednesday in wake of the latest US Producer Price Index (PPI) inflation numbers, which came in hotter than expected.
Bitcoin (BTC) was down close to 2.5% on the day and back in the mid-$26,000s, its lowest level of the month so far, having also broken out of its short-term uptrend that had been in play since mid-September.
Ether (ETH) was nursing smaller losses and trading in the $1,550 region, though is ominously threatening a break below key support that could open the door to a swift drop back towards the $1,300s.
The likes of Solana (SOL), Cardano (ADA), XRP (XRP) and Dogecoin (DOGE) were all last down 1-5% over the past 24 hours, as per CoinGecko.
While hot inflation data is a concern to the crypto market in so far as it may force the Fed into lifting interest rates even further, and holding them at higher levels for longer, that doesn’t necessarily jibe with recent Fed commentary.
On the contrary, on Tuesday, another Fed policymaker signaled that he didn’t think the bank needs to raise interest rates anymore, after a few other Fed policymakers had argued that the recent rise in long-term US bond yields had done the Fed’s tightening for it.
As a result, US bond yields and the US dollar have been backing off highs in recent days, and this could help put a floor under crypto.
That being said, geopolitics remains a concern as the Israel/Palestine war escalates, and this continues to weigh on crypto sentiment.
With the outlook for blue-chip cryptocurrencies weak, traders will continue to turn to the highly illiquid shitcoin/meme coin markets in the hunt for profitable trading opportunities.
Here are some of the top performers, as per DEXTools.
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