The cryptocurrency market cooled off a bit following its early week gains as investors put into risk-on gear after US inflation remained soft.
Bitcoin (BTC) hit an intraday high of $18,400 yesterday before falling to $17,800 by the end of the session.
This morning, the BTC/USD pair shed another 0.5 percent, dropping BTC to $17,700.
Bitcoin should find a support base at $17,600, and buyers seem willing to jump in.
Can Bitcoin (BTC) Recoup USD 18,000 or Is It Going Down? – Source: currency.com
As for Ethereum (ETH), the second largest cryptocurrency, it fell 1% to $1,300 USD by yesterday’s close, before dropping another 1.5%.
If the bearish correction continues, the ETH/USD pair could reach the support line at $1,250.
Binance’s BNB token fell nearly 4% overnight, along with Dogecoin (DOGE) and Litecoin (LTC).
Phantom (FTM), one of the best performers of recent times, posted a sharp reversal of 6% over the last 24 hours.
On the positive side, struggling blockchain network Solana (SOL) continues to show near-term resilience, growing 1.5% overnight to a market cap of nearly US$5.2 billion.
Tron (TRX) is also outperforming with a 1% addition to date.
The global market capitalization of all cryptocurrencies is US$861 billion, while the total value locked across all decentralized finance (DeFi) protocols recently fell below US$42 billion