- Significant losses have been experienced by major altcoins, while Bitcoin has gained 2.75 % during the last day and is still comparatively stable.
- Future CPI data may have an impact on market volatility, which may be exacerbated by historical Bitcoin moves from dormant whale wallets.
Major altcoins are suffering the most from the current extreme turmoil in the cryptocurrency market. Prominent cryptocurrencies, including Solana, Dogecoin, Cardano, Shiba Inu, and the Ripple token XRP, have all suffered losses above 3% throughout the last 24 hours.
Particularly, Solana has suffered a more than 5% loss, making it the least performing asset out of the top 10 cryptocurrencies, according to CoinGecko data.
Bitcoin’s Stability Amidst Market FluctuationsÂ
Even with the general market slump, Bitcoin has remained comparatively stable. Bitcoin is now valued at about $62,332.71, up 2.75% in the last 24 hours, according to CoinMarketCap’s most recent data. This increase shows its resistance to market volatility in the face of a general decline of 3.23% over the preceding week.
Even if the price of the cryptocurrency only marginally fell by 0.1% in the same time frame, its dominance has been growing and is now more than 55% of the whole market share.
Now the focus of the market is on the Consumer Price Index (CPI) data, which is due for release on Wednesday, in line with what ETHNews previously disclosed.
This economic metric is much awaited since it can give the cryptocurrency market a much-needed boost in the bullish direction and possibly create conditions for extreme volatility in the next week.
A lower-than-expected inflation rate, according to analysts, would drive prices higher and perhaps force the US Federal Reserve to think about cutting interest rates. On the other hand, the performance of the market can suffer from a dismal CPI result.
Historical Movements in Whale WalletsÂ
According to prior ETHNews reporting, the movement of a sizable amount of Bitcoin by two whale wallets that had lain dormant for more than ten years has influenced both investors and traders’ perceptions of the market’s dynamics.
Following their more than 10 years of inactivity, these wallets just moved 1,000 BTC, which are now valued at about $60.9 million.
2 wallets that have been dormant for 10.7 years transferred all 1,000 $BTC($60.9M) out in the past 20 mins.
Wallet"16vRqA" received 500 $BTC($62K at that time) on Sept 13, 2013, when the price was $124.
Wallet"1DUJuH" received 500 $BTC($62K at that time) on Sept 12, 2013, when… pic.twitter.com/l5ivjrcRt5
— Lookonchain (@lookonchain) May 12, 2024