Blue chip crypto markets are currently in consolidation mode as traders analyze the impact of this week’s hot US inflation readings and the mixed commentary from the US Federal Reserve. Bitcoin (BTC) is trading flat in the $26,700s, while Ether (ETH) hovers just below $1,550, experiencing a slight decline of around 2% over the past 24 hours, according to CoinGecko.
Ether’s performance continues to lag behind Bitcoin, primarily due to dampened demand for recently launched Ether futures ETFs in the US last week. Additionally, concerns about on-chain weakness and the ETH inflation rate turning positive once again have contributed to its underperformance. Most other major altcoins, including XRP (XRP), Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Tron (TRX), and Toncoin (TON), have also experienced a downtrend, with declines ranging from 1-4% over the past 24 hours.
With blue chip crypto markets maintaining a predominantly negative bias, traders are beginning to explore the highly illiquid shitcoin/meme coin market as an alternative for potential quick gains. Here are some noteworthy coins that have performed well, according to DEXTools.
