At the beginning of the week, total market capitalization fell by around 3% on a daily basis, while Bitcoin once again slipped below the $70,000 mark. On a weekly basis, the leading cryptocurrency is down roughly 4%.
Altcoins are performing even worse. Ethereum has dropped by about 6% over the past 24 hours, falling below the $2,000 level. XRP has lost roughly 8% over the same period. The sharpest decline among the top ten cryptocurrencies was recorded by Dogecoin, which fell by approximately 12% compared to the previous day. One of the few standouts among the top 100 crypto assets was Bittensor, which gained around 6%.
From a macroeconomic perspective, overall market conditions remain relatively constructive, but this has yet to translate into price action. The latest U.S. consumer price index data came in below expectations, reinforcing forecasts for interest rate cuts by the Federal Reserve. Slowing inflation and the prospect of a more accommodative monetary policy are traditionally seen as supportive factors for risk assets, including equities and cryptocurrencies.
At the same time, today’s U.S. public holiday—Presidents’ Day—is weighing on liquidity in American markets. Key spot venues are closed, and trading activity is noticeably lower than usual. Although the cryptocurrency market operates around the clock, reduced participation from institutional investors typically affects order book depth and trading dynamics as well. As a result, the crypto market is likely to remain in a phase of sideways consolidation in the near term.
