Bitcoin, Dogecoin Flat, While Ethereum, XRP Sink Amid Hotter-Than-Expected Consumer Inflation: Analyst Sees No BTC Exhaustion, Targets This Range

💡 Ethereum and XRP sink as hotter-than-expected inflation data sparks selling pressure.

The cryptocurrency market is experiencing a downturn, with Bitcoin and Dogecoin trading flat, while Ethereum and XRP are experiencing significant losses.

Market Reaction to Inflation Data

The hotter-than-expected consumer inflation data released yesterday has sent shockwaves through the cryptocurrency market, with Ethereum and XRP leading the decline. The inflation rate has risen to 6.5%, exceeding expectations and prompting concerns about the Federal Reserve's ability to control price growth. As a result, investors are reassessing their risk exposure, leading to a sell-off in Ethereum and XRP.

Ethereum and XRP Prices Plummet

Ethereum's price has fallen by 15% in the past 24 hours, with the coin now trading at $2,500. XRP has also declined by 20%, with the coin currently trading at $0.65. The decline in prices is a result of investors' increasing concerns about the macroeconomic environment and the potential impact on the cryptocurrency market.

Analyst Sees No BTC Exhaustion

Despite the sell-off in the broader market, analyst Tom Lee remains bullish on Bitcoin, stating that he sees no signs of exhaustion in the market. Lee believes that Bitcoin's price will continue to rise, with a target range of $35,000 to $40,000 in the coming months.

What It Means for Investors