The top altcoins are struggling to gather steam amid Bitcoin’s topsy-turvy price action SOL LUNA DOT XRP BTC
is in the doldrums following Bitcoin’s most recent bout of high volatility.
Solana , Terra , Polkadot and Ripple-affiliated XRP are all down roughly 6% over the past 24 hours, according to data provided by CoinMarketCap. Theta Network is the only prominent cryptocurrency that has managed to buck the trend, soaring 24%. On Feb. 10, the price of Bitcoin peaked at $45,821 on the Bitstamp exchange, staging an impressive comeback after taking a hit from the higher-than-expect inflation rate. Another sharp increase in consumer prices will embolden the U.S. Federal Reserve to launch an even more aggressive rate hike campaign. Bank of America sees the Fed increasing the benchmark short-term interest rate at least seven times in 2021.
Market analyst Alex Kruger attributed Bitcoin’s outperformance to the “sound money” narrative surrounding the cryptocurrency.
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