Wednesday trading of major cryptocurrency tokens was erratic ahead of the US Federal Reserve’s policy announcement and important inflation statistics. While BNB (7%), Solana (2.1%), Cardano (4.2%), and Avalanche (15%) were trading in the green, Bitcoin (-1.1%), Ethereum (-0.9%), XRP (-0.6%), and Dogecoin (-2.3%) were trading in the red.

In the meantime, the value of the world’s cryptocurrency market fell by 0.21% to approximately $1.58 trillion over the previous day.

At 12:50 p.m., the price of Bitcoin was $41,786—a 1.1% decrease. The largest cryptocurrency in the world, Bitcoin, had a decline in market capitalization to $817 billion in the past day.

With a wick heading towards $40,300 today, Bitcoin has had a difficult start to the week. Right now, it’s levelling out and stabilising at $41,800. As the year draws to a close, expectations of a rally towards $48,000 are still high because the market structure has not changed significantly.

The market saw significant volatility throughout the previous day, with most tokens suffering losses. But as of right now, the market is beginning to rebound, especially in Ethereum’s Layer 2 solutions, which are performing better, including OP (Optimism) and Immutable-X (IMX).

Notably, the market may experience further volatility as a result of today’s release of the Monthly US CPI data.

Analysts predict that although there will be a moderating of inflation, it will still be above the Federal Reserve’s target when the US Consumer Price Index (CPI) report is released on Wednesday.

Currently, DeFi’s total volume is $9.75 billion, or 12.27% of the 24-hour volume of the whole cryptocurrency market. At $73.41 billion, the total value of all stablecoins represents 92.33% of the 24-hour volume of the whole cryptocurrency market.

Currently, 51.88% of the market is made up of Bitcoin, according to CoinMarketCap. The volume of BTC increased by 25.6% to $31.93 billion in the last day.

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