Despite the recent price dips, Ethereum and Bitcoin have also gone up by 2.99 and 3.71 percent. Numerous top-ranking cryptocurrencies and stocks saw sudden decreases in prices on Thursday.
This comes after key inflation data indicated a higher inflation rate than was initially expected. Hence, the US Federal Reserve is highly likely to execute a 75-basis-point rate hike in the following month after the latest consumer price index.
Stock Market Indices See Impressive Turnaround
Plenty of major stock market indices saw a quick improvement yesterday. For instance, the Dow Jones Industrial Average surged by 1,500 points after seeing an intraday low, eventually closing at an extra 800 points.
Most top cryptocurrencies followed in these footsteps with rough trading sessions. Reigning cryptocurrency Bitcoin almost revisited its yearly dip of $17,600 from mid-July. Fortunately, it recovered and reached almost $20,000 on the same day.
Ripple XRP’s Bull Run
These days, the cryptocurrency sector is getting traction for the high-profile SEC lawsuit that Ripple is facing.
But as crypto proponents expect things to turn out in XRP’s favor, the token is performing better than the rest of the market.
Brad Garlinghouse, CEO of Ripple, said in an interview that the lawsuit would resolve within the first half of next year.
Last month, both Ripple and the SEC filed motions for a summary judgment. Since then, XRP’s price saw significant growth.
Ethereum Falls By 30 Percent
This comes after Ethereum lost its fury after the latest Merge update. Since the Merge, Ethereum tumbled by 30 percent, which is a long way down from its $2,000 high.
Hence, it’s likely that much of the speculative capital backing the merge is now in stablecoins, seeking a new investment venture.
Meanwhile, ATOM token also went on a major bull run, going from $5.40 to $16.85. It’s likely that excitement for Cosmos 2.0 led to such a price increase.
Bitcoin Price Sees Dip
This week, Bitcoin prices saw a dip after the scalding CPI report showed that inflation rates would be higher.
But a quick overview of the crypto market shows that despite the price drop, Bitcoin remains in the same price range it has been for the past few months.
Such factors tend to cause major shifts in prices, but history shows that predicting these shifts will be impossible.
So despite the current metrics showing that a major price move is coming, Bitcoin is in the same place as in the past 4.5 months. Considering that’s the case, investors should be on the lookout for opportunities elsewhere.