It was a steady weekend in the crypto markets, with the price of bitcoin largely managing to hold above the $21k level. The largest cryptocurrency by market cap is changing hands for around $21,400 this morning, roughly flat over the past 24 hours and up three per cent since this time last week.
Investors continue to watch for signs that the global economy will pick up, particularly in regard to inflation. A revision in the University of Michigan’s widely-regarded, monthly consumer sentiment index (CSI) now shows expectations for inflation lower than first reported in May. Will lower inflation estimates help dampen more interest rate rises?
Despite the apparent risk-off approach from investors, other major cryptocurrencies are generally outperforming Bitcoin at the moment. Bitcoin’s dominance reached an 11-month high of 48.36% on June 11, but its share of the overall crypto market cap has declined to 43.46% at the moment. The majority are in the red this morning though, with Ethereum down one per cent to around $1,230.
This article was culled from cityam.com
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