Top Crypto News: Inflation Impact, Bitcoin's Dominance, and XRP's Struggles

Key Fed Inflation Rate and Crypto Reaction

The U.S. Commerce Department recently reported a slight increase in the key inflation rate, reaching 2.1% in September and nearing the Federal Reserve's target. The personal consumption expenditures price index also rose by 0.2%. The core inflation rate increased to 2.7%, fueling speculation about potential interest rate cuts by the Fed. As investors digest this economic data, the cryptocurrency market has generally faced declines. Bitcoin, Shiba Inu, Pepe, Chainlink, Bonk, and WIF have seen their values drop between 1.7% and 7% in the past 24 hours.

Bitcoin vs. Ethereum: Coinbase Q3 Report Insights

Coinbase's Q3 report highlights Bitcoin's growing dominance on the platform. Bitcoin's trading volume increased to 37%, while Ethereum's remained stagnant at 15%. Bitcoin also surged in transaction revenue, accounting for 35% of the total, as Ethereum's share slightly declined to 16%. This indicates Bitcoin's sustained public interest and market strength. However, Ethereum continues to have its supporters, despite concerns about its current market position. At present, Bitcoin is trading at $70,752, whereas Ethereum stands at $2,558, according to CoinMarketCap.

XRP Approaching Critical Support Levels

XRP is nearing a crucial support level at $0.5185, risking further price declines. Recently one of the top 10 worst-performing cryptocurrencies, XRP struggles to establish stability and market enthusiasm. Its current trading price is $0.5167, and if it falls below the support level, it could trigger a further downturn. XRP's weak price movement and inability to surpass key moving averages underscore investor caution. Reduced trading volumes suggest waning interest, increasing the likelihood of a decline to $0.50 or lower. The situation is exacerbated by Bitcoin's market dominance and a shift of investor focus to other assets.