Bitcoin decreased, but in Friday morning, it traded back over the US$19,000 support level. With the exception of stablecoins, the majority of the top 10 cryptocurrencies by market capitalization, including Ether, declined. However, the dominant memecoin Dogecoin increased, and Tron also made slight gains.
As of 8 a.m., the price of bitcoin had decreased 0.5% over the previous 24 hours to US$19,048. While Ether decreased 0.2%% to US$1,282, data from CoinMarketCap shows.
According to analytics company IntoTheBlock, Bitcoin’s price has been ranging at US$19,000 for the better part of a month and its 30-day price volatility is at 31%, which is the lowest level in over two years.
Following a solid week of increases thanks to high network adoption rates for the year, Polygon suffered the most declines among the top 10 sites. Despite dropping to US$0.80, the token is still up 3.8% over the last seven days.
Tron increased by 0.7% to US$0.62, while Dogecoin increased by 1.4% to US$0.059. Cardano and Solana both decreased by 2.8%, trading at $0.34 and $28.08, respectively.
While Bitcoin Dips, AXS takes major fall
The governance token of the popular play-and-earn game Axie Infinity, or AXS, dropped 5.8% over the past 24 hours and 13.9% over the previous seven days to US$9.57 on news that 21.543 million coins, or 8% of the token’s supply, would be unlocked on October 25.
The first significant blockchain game, Axie Infinity, was released last year and lets players make money while they play. But revenue also decreased as the number of users grew slower.
The value of American stocks fell on Thursday.
The S&P 500 Index decreased by 0.8%, the Nasdaq Composite Index down by 0.6%, and the Dow Jones Industrial Average decreased by 0.3% on the day. This came after Freddie Mac, a provider of financial services, released a report on Thursday showing an increase in U.S. interest rates.
The average 30-year fixed-rate mortgage has been inflated by the Federal Reserve this year to 6.94%, the highest level since April 2002 and more than double the 3.09% level from the previous year.
From almost zero in March of this year, the Fed increased interest rates to a range between 3% and 3.25%. It has pledged to lower inflation from its current rate of 8.2% to a goal range of 2%. At its November meeting, the Fed is anticipated to raise interest rates by an additional 75 basis points.
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