Bitcoin, Ethereum, Dogecoin Crash But These Altcoins Are Charging Ahead
The global cryptocurrency market capitalization fell 3.31% to $1.36 trillion on Monday night as prices of major cryptocurrencies slipped.
What happened: Bitcoin (CRYPTO: BTC) traded 3.13% lower at $33,103.26 over 24 hours. For the week, BTC has fallen 3.04%.
Ethereum (CRYPTO: ETH) declined 4.61% to $2,033.50 over 24 hours. The second-largest cryptocurrency by market cap was down 9.45% over a seven-day trailing period.
See Also: How To Buy Ethereum (ETH)
Meme cryptocurrency Dogecoin (CRYPTO: DOGE) fell 3.66% to $0.21 at press time. DOGE is down 11.49% over a seven-day period.
While DOGE was down 0.62% against BTC, the Shiba Inu-themed coin rose 1.3% against ETH over 24 hours.
Revain (CRYPTO: REV), a token of the eponymous review platform, was the foremost gainer over 24 hours on Monday night.
REV traded 13.03% higher at $0.0077 at press time. Against BTC and ETH, REV was up 16.55% and 18.81%, respectively. For the week REV was down 2.46%.
OKB (CRYPTO: OKB), Axie Infinity (CRYPTO: AXS), and EOS (CRYPTO: EOS) were some other tokens in the green.
OKB traded 8.5% higher at $10.72, AXS was up 0.56% at $18.42 and EOS spiked 0.36% to $4.21 over 24 hours.
Why It Matters: Bitcoin was mostly muted on Monday as investors anticipated the release of U.S. consumer price index inflation numbers due on Tuesday. The cryptocurrency is seen as a hedge against inflation.
CPI rose at an annual rate of 5% in May, compared with a 4.2% rise recorded in April, as per the U.S. Bureau of Labor Statistics figures released last month.
On-chain data analytics firm Glassnode noted in a report on Monday that there are early signs of miner recovery post the exodus from China.
Glassnode propounded that the recovery in Bitcoin hash rate and its speed will provide bearish or bullish clues.
As per the firm, the hash rate this week recovered from a peak-trough decline of 55% to near 39% decline.
“Should this level hold and be representative, it would indicate that hash-power equivalent to around ~29% of the affected hash-power has come back online,” said Glassnode.
This was construed in the report to have either been due to successful relocation of mining hardware from China or previously obsolete hardware finding a “new lease on life.”