Radhika Parashar
- Bitcoin’s support stands at $110,400
- Ether is trading at $4,315
- Binance Coin, Ripple, Solana managed to rope-in small gains
The crypto sector has remained slow for over a week now as the market awaits changes in the interest rate later this month. Bitcoin on Wednesday, September 10 reflected a minor drop of 0.82 percent. At the time of writing, the oldest, most expensive crypto asset was trading at $111,933, data by CoinMarketCap showed.
Market analysts have predicted that a breakout above $113,000 for BTC would confirm renewed momentum, with strong support at $110,400.
“Bitcoin is trading range-bound around $111,000 as investors turn cautious following weak macroeconomic data and geopolitical concerns. The BLS revised the job growth downward by 911,000 jobs, indicating a weak job market. However, Thursday’s CPI release and the European Central Bank’s rate decision could act as a key catalyst, influencing the market trajectory,” Edul Patel, the CEO of Mudrex crypto exchange told CoinHeadlines.
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Ether tumbled by 1.28 percent in the last 24 hours to trade at $4,315, CoinMarketCap showed. Analysts predict that more short-term price corrections could keep ETH rangebound for the time-being.
“Amid heightened market volatility, we may be entering a phase where Bitcoin continues to set the tone for the broader crypto ecosystem,” said Avinash Shekhar, the Co-Founder and CEO of Pi42.
The broader altcoin market also reflected mixed price movements on Wednesday.
Tokens that registered small profits include Binance Coin, Ripple, Solana, Tron, Avalanche, and Cronos. Mantle (MNT) clocked a notable 12 percent price spike over the last day to trade at $1.35. MYX Finance (MYX) outshone many other tokens having roped-in a profit of 27.16 percent to trade at $18.25.
Meanwhile Ripple, Cardano, Sui, Stellar, Shiba Inu, Ethena, Aave, and Pepe reflected price dips on Wednesday. The World Liberty Financial (WLFI) token dropped further by 5.12 percent in the last 24 hours. With its, its price has come to $0.2034, CoinMarketCap showed.
The overall crypto market cap slipped by 0.62 percent in the last 24, bringing its overall valuation of $3.88 trillion.
The Fear and Greed index stands at the score of 43 — indicating at a cautious market sentiment.
