Crypto market update: Inflation fears drive BTC and ETH rally

By Raffaele Redi

The inflation narrative still dominates the headlines, extending the bullish phase for bitcoin.

Cryptocurrency trading chart on a black background                                 
BTC is close to its all-time high – Photo: Shutterstock
                                

The inflation narrative still dominates the headlines, extending the bitcoin bullish spiral further on Monday (8 November). The price of the cryptocurrency rose and touched the $66,000 resistance (£48,778) in line with other major cryptos.

The interest of investors over bitcoin – to the detriment of gold – as a hedge against inflation, grew as inflation could be “transitory but not short-lived”, according to Bank of Canada governor Tiff Macklem.

As stated by Currency.com, bitcoin’s price was trading higher at $65,901.97 during the last 24 hours. The largest cryptocurrency for market capitalisation was up around 6.5% in late morning in the UK and was higher by 6.1% in the last seven days. The market cap of BTC was around $1.24trn, representing around 44 % of the crypto market capitalisation, while the leading crypto’s trading volume was around 26% higher at $34bn in the last 24 hours.

Meanwhile, the total crypto market capitalisation increased by around $122bn, rising from $2.753trn to $2.865trn in the past 24 hours.

Ethereum smashing all-time records

As Ethereum (ETH) gets closer to the Merge or the ETH2.0 upgrade and following the Altair beacon chain upgrades, driven by metaverse and NFTs momentum, the price of ETH is close to hitting its record high, trading at $4,725,03.

Since its London Hard Fork, the network has burned around $3.7bn or ETH801, with a net reduction of 62.8%.

According to BitinfoCharts.com data, the average ETH transaction fee declined to around $40.9 today or ETH0.0087.

Ether was trading higher by 3.1% with a market capitalisation of $559.9bn. The cryptocurrency’s trading volume was around 17.6% lower at $16.8bn in the past 24 hours.

Profit-taking on stablecoins and NFT powering blockchains’ coins

Meanwhile, one of the most popular stablecoin, binance coin (BNB), or the third-largest cryptocurrency reached a market cap of $107bn but was trading lower by 2.8% at $642.66 with a trading volume of $2.8bn, almost 7% lower in the past 24 hours.

The other major stablecoin, tether, was instead flat at exactly $1 with a market capitalisation of $72.5bn and a trading volume of $70.6bn increased by around 17% in the last 24 hours.

Finally, Solana, which recently started powering NFTs and the metaverse, was trading low by 3.6% at $243.59, with a market cap of $73.6bn and a trading volume of $2.9bn, down by around 18% in the last 24 hours.

Top gainers and losers

Elsewhere, the likes of loopring and (LRC) and crypto.com coin (CRO) witnessed more than 13% increases in their price in the last 24 hours.

On the opposite side of the coin, profit-taking pulled the price of helium lower by more than 14%, while quant (QNT) was trading lower by 6.7%.

All prices are correct as of UK late morning.

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