Cryptocurrency price today: The global cryptocurrency market on Saturday, September 17 extended its losses from the previous day, led by Ethereum, which fell sharply after the merger was implemented. The merger further impacted crypto markets on Friday, which were already grappling with a shock from US inflation data. At the time of writing, the market capitalization stood at $961.89 billion, down 0.05% in the last 24 hours.
“The past week has been filled with ‘high impact’ macro events, with the US CPI inflation rate for August being the main driver of the market. At 8.3%, the rate was higher than the estimated 8.1% and the more rigid component of core inflation also exceeded estimates at 6.3%. This upward shock torpedoed prices across all asset classes, including US stocks, gold, and crypto,” said Parth Chaturvedi, Head of Crypto Ecosystem at CoinSwitch.
“Surprisingly though, crypto markets have recovered much better than other risky assets as the ETH meltdown has taken center stage. Amid increased volatility and trading volumes, Ethereum transitioned to Proof of Stake consensus mechanisms, reducing its power consumption by more than 99%. Additionally, there is a “triple halving” of ETH supply and the asset is now deflationary,” he added.
Bitcoin price jumped 0.83% today but remained below the $20,000 mark. At the time of writing, the price of Bitcoin stands at 19,870.25%, according to data from CoinMarketCap. Over the past week, Bitcoin has fallen by 6.85%.
“The crypto market trended lower this week as sentiment around cryptocurrencies remained bearish after US inflation data disappointed investors, who rose more than expected. Bitcoin, Ethereum and most cryptocurrencies experienced the heat wave as sentiment after the data release weakened.Bitcoin rose above the US$22,000 level on Monday, but fell to US$19,000 in If BTC breaks below its current level, its next level of support would be US$19,500,” Edul Patel said.
Meanwhile, Ether fell more than 9% on Friday and extended its losses on Saturday after the merger. Ethereum’s price today at the time of writing was $1,432.66, down 2.16% in the last day. Last week, Ether prices fell by 16.52%.
“The second largest cryptocurrency, Ethereum, slipped below the US$1,500 level despite the resounding success of the PoW to PoS transition merger. However, the merger may not have an immediate impact on ETH price action now, as it takes some time for market participants to digest such significant events. If ETH fails to hold above the current level, we could see ETH retest the US$1,300 level,” Patel said.
“BTC outperformed ETH during the week as Fidelity announced plans to offer BTC exposure to retail trading clients. Among altcoins, focus remains on ADA as the next hard looms. Vasil fork,” Chaturvedi added.
Here are the top 10 cryptocurrencies and their prices on September 17, Saturday (data from coinmarketcap.com)
Bitcoin $19,870.25 or 0.83% gain in the last 24 hours
Ethereum $1,432.66 or 2.16% loss in the last 24 hours
Tether $1.00 or 0.00% gain in the last 24 hours
USD Coin $1.00 or 0.00% loss in the last 24 hours
BNB $276.63 or 1.24% gain in the last 24 hours
Binance USD $0.9998 or 0.03% loss in the last 24 hours
XRP $0.355 or 0.25% loss in the last 24 hours
Cardano $0.5014 or 2.51% loss in the last 24 hours
Solana $32.87 or 0.43% gain in the last 24 hours
Polkadot $7.64 or 2.47% loss in the last 24 hours