Anxiety ahead of the release of consumer price inflation readings from the U.S. on Wednesday weighed on market sentiment in the cryptocurrency market. Bitcoin, however, demonstrated resilience against the prevailing bearish trend. Overall market capitalisation has experienced a decline of less than 0.1 percent overnight, while the leading cryptocurrency fluctuated between $84,061 and $80,963. The U.S. Bureau of Labour Statistics is set to publish the consumer price inflation figures for September on Wednesday morning. Headline annual inflation is projected to increase to 3.6 percent, up from 3.4 percent in the preceding month. The core component thereof is observed increasing to 2.5 percent from 2.4 percent in the preceding month. Headline inflation on a month-on-month basis is anticipated to increase to 0.6 percent from 0.4 percent in August. The core component thereof is, however, anticipated to decline to 0.2 percent from 0.3 percent in August.
Overall cryptocurrency market capitalisation has decreased by 0.08 percent, now standing at $2.8 trillion. Bitcoin commands a substantial 60 percent of the cryptocurrency market, while Ethereum holds an 11-percent share. The total liquidations over the past 24 hours reached $763 million. Liquidation of long positions totalled $630 million, whereas the liquidation of short positions reached only $133 million. Bitcoin, the largest cryptocurrency, is currently trading 0.79 percent higher on an overnight basis at $83,291.72. The leading cryptocurrency has experienced a decline of 3.5 percent over the past week. The largest cryptocurrency seems to have successfully detached itself from the significant downturn observed in Asian equity markets. South Korea’s Kospi closed 5.5 percent lower on Tuesday. On Monday, Bitcoin Spot ETF products in the U.S. experienced net outflows amounting to $65 million, contrasting with net inflows of $21 million recorded on Friday. The outflows relate entirely to iShares Bitcoin Trust ETF.
Bitcoin has ascended one position to the 12th rank in the global hierarchy of assets based on market capitalisation, according to data. The leading cryptocurrency is situated between Broadcom, ranked 11th, and Saudi Aramco, ranked 13th. Ethereum is currently trading 0.80 percent lower at $2,509.59. The leading alternate coin has experienced a decline of 7.6 percent over the past week. Ethereum Spot ETF products in the U.S. experienced a rise in net outflows, escalating to $85 million on Monday, up from $56 million on Friday. iShares Ethereum Trust ETF topped with net outflows of $75 million. Ethereum has fallen to the 68th position in the global ranking of all assets according to market capitalisation data. The 4th ranked BNB experienced a decline of 0.51 percent overnight, leading to a price reduction to $741.68. 5th ranked XRP, a payments-focused cryptocurrency, dropped 1.29 percent overnight and is currently trading at $1.36. The price of 7th ranked Solana decreased 2.9 percent overnight to $106.91.
U.S.-listed Solana Spot ETF products experienced a reduction in net outflows, declining to $1 million on Monday from $4 million on Friday. TRON, positioned 8th in the overall rankings, is presently experiencing a decline of 0.94 percent, trading at $0.3279. 9th ranked Hyperliquid dropped 4 percent on an overnight basis to $81.71. U.S.-listed Hyperliquid Spot ETF products experienced net outflows amounting to $2 million on Monday. The 10th ranked Zcash experienced a decline of 6.5 percent overnight, with its current trading price at $1,198.56. U.S.-listed Zcash Spot ETF products experienced net outflows amounting to $2 million on Monday.
