Terra, Solana, And XRP Struggle To Regain As Bitcoin Wipes Out Latest Profits

Terra, Solana, And XRP Struggle To Regain As Bitcoin Wipes Out Latest Profits

2022-02-11 | Big Bob

Terra, Solana, And XRP Struggle To Regain As Bitcoin Wipes Out Latest Profits

After Bitcoin (BTC) latest episode of excessive volatility, the cryptomarket is in a funk. Solana (SOL), Terra (LUNA), Polkadot (DOT), as well as Ripple-affiliated XRP are all down around 6% in the last 24 hours, as per CoinMarketCap statistics.

Theta Network (THETA) seems to be the sole notable crypto that has defied the trend, rising 24 percent.

Earlier on February 10, the value of Bitcoin (BTC) crested at $45,821 on the Bitstamp platform, completing an amazing rebound following suffering a setback due to higher-than-expected inflation. Some other strong rise in consumer prices would empower the Federal Reserve of the United States to undertake a further vigorous rate rise effort. According to Bank of America, the Fed will raise the target brief interest rate at a minimum of seven times in 2021.

Market expert Alex Kruger linked Bitcoin's improved performance to the cryptocurrency's "sound money" concept.
However, the crypto market faced another downturn as St. Louis Federal Reserve President James Bullard advocated for the earliest rate hike of 50 basis points as of 2000. Goldman Sachs currently predicts that the Fed will raise interest rates by 25 basis points at each of the forthcoming sessions in 2022.

On February 11, the price of Bitcoin fell to an intraday low of $42,600, a 7 percent loss from the previous peak.

The largest cryptocurrency has dropped 37.56 percent from its all-time high of around $69,000.

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