Bitcoin price remains stable as inflation in the United States hits 7.91% yoy
The crypto market is mostly trading flat today as BTC continues to consolidate. XRP is the best performer among the top altcoins, up 7% in 24 hours. At the time of writing, Bitcoin price is changing hands at $39,184.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price consolidation continues
Bitcoin continues to be traded between $38,000 and $41,000 as inflation i the United States hit 7.91% yoy in February. This shows how monetary policy aimed at helping people and companies go through quarantines ended up creating many other problems in the economy.
Nowadays, we see the price of every single product move higher with energy being one of the most affected industries. It is also worth taking into consideration that the Russian invasion of Ukraine has also had a strong impact on the price of gas and energy.
Meanwhile, Bitcoin inflation stays at 1.75% per year trending lower on a weekly basis. Let’s not forget that after the next halving event, inflation will be even lower. Bitcoin has a total supply of 21 million. This is different from fiat currencies such as the U.S. dollar that can be printed according to the needs of politicians. The same happens to other local currencies in other countries.
Bitcoin continues to consolidate and has failed to make a meaningful and sustained movement in any direction. Meanwhile, XRP is the only altcoin in the top 10 with a seriously bullish chart.
Over the past 24 hours, Bitcoin price has failed to make any meaningful and sustainable moves in either direction and is trading pretty much where it was yesterday for the time being – around $39,000.
This doesn’t mean we don’t see volatility – on the contrary. Yesterday, reports came out that Russian President, Vladimir Putin, acknowledged progress had been made in negotiations with Ukraine. This boosted the market, and Bitcoin price increased by about 3.6% in less than an hour and reached a high of $40.2k. Unfortunately, the market was thinly dispersed, and the gains were erased with the next hourly candle, showing how much stress is present.
Overall, BTC is up around 0.3% over the past 24 hours as traders are looking for the next direction.
The altcoin market has also been relatively boring over the past 24 hours, with a few exceptions. Most of the top cryptocurrencies, like BTC, trade flat, as seen in the heat map below.
One of the altcoins that are moving against the herd today is Ripple. XRP has gained over 7% in the past 24 hours and is currently testing resistance at $0.8. This is also the best performing artist from the top 10. On the other end of this spectrum, we have LUNA, which seems to be cooling off after a big rally and is now down 8% on the day.
Overall, the best performing cryptocurrency from the top 100 is XIDO, with a gain of 30%, while the worst performing coin is ANC, which is down 9%.
Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587
- Kevin O’Leary Has Doubled His Exposure To Cryptocurrencies Since November
- Bitcoin Price Continues To Struggle Within A Choppy Trading Range Between $37,000 And $45,000