Crypto market news: Leading coins retrace after record week

By Raffaele Redi

Prices fall back slightly after a record week in which US inflation rate data drove them up

Crypto trading charts on a screen                                 
Another failed breakout for BTC and ETH – Photo: Shutterstock
                                

Bitcoin and other major cryptocurrencies retraced today among technical consolidations and profit-taking, after a record week in which prices were fuelled by US inflation data that showed the annual rate of inflation surged to 6.2% in October 2021. That’s the highest rate since November 1990, and above forecasts of 5.8%.

According to Currency.com, bitcoin was trading lower at $63,957.76 during the last 24 hours. The largest cryptocurrency by market capitalisation was down around 2.1% at 12:00 GMT, but was up by 3.8% in the last seven days.

The market cap of BTC was around $1.20trn, representing around 42.8% of the total crypto market capitalisation, while the leading crypto’s trading volume was around 25.6% lower at $37.4bn in the last 24 hours.

Meanwhile, the total crypto market capitalisation decreased by around $53bn, falling from $2.838trn to $2.785trn in the past 24 hours.

Ethereum in line with BTC

As Ethereum (ETH) gets closer to the Merge – the ETH2.0 upgrade – and following the Altair beacon chain upgrades, the price of the digital silver retraced after hitting its record high, and at time of writing is trading at $4,625,95.

According to BitinfoCharts.com data, the average ETH transaction fee declined to around $55.75 or ETH0.012 today.

Ether was trading lower by 1.6% with a market capitalisation of $544.6bn. The cryptocurrency’s trading volume was around 18.7% lower at $19.3bn in the past 24 hours.

Stablecoins suffer

Meanwhile Binance Coin (BNB), one of the most popular stablecoins and the third largest cryptocurrency with a market cap of $103bn, was trading lower by 1.5% at $617.81, with a trading volume of $2.1bn, almost 42% lower in the past 24 hours.

The other major stablecoin, Tether, was instead flat at exactly $1, with a market capitalisation of $73.9bn and a trading volume of $87.9bn, an increase of around 25.8% in the last 24 hours.

Finally, Solana, which recently started powering NFTs and the metaverse, was trading lower by 4.5% at $228.01, with a market cap of $69.0bn and a trading volume of $2.6bn, down by around 40% in the last 24 hours, with Cardano following a similar pattern at $2.03.

Top gainers and losers

Elsewhere, the likes of Decentraland (MANA) and The Sandbox (SAND), both of which power NFT games, witnessed price increases of 36% and 25% in the last 24 hours.

On the opposite side of the coin, OMG Network (OMG) was trading lower by 26%, while profit-taking pulled the Kadena (KDA) price back by more than 16% to $22.90.

All prices correct as of 12:00 GMT.

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