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Bitcoin’s Modest Downturn Ripples Through Altcoins in Turbulent Times

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Bitcoin started trading on November 14 with a minor decline of 1.25%, settling at a value of $36,456. This slight dip didn’t significantly affect Bitcoin’s overall stability. Over the past day, it experienced a decrease of $623.

Meanwhile, Ethereum saw a small increase of 0.42%, reaching $2,052. In contrast to Bitcoin, Ether’s value went up by $3 within the same period.

Most other altcoins followed Bitcoin’s trajectory, undergoing losses due to market volatility, potentially tied to imminent data releases from the US scheduled later in the day.

The upcoming disclosure of US Consumer Price Index (CPI) figures, both monthly and yearly, is expected to impact BTC prices. Positive data might drive prices higher, while adverse data could lead to a decline in cryptocurrency valuations.

Read Also: Today’s Gold Rates in Pakistan – November 13, 2023

Several major cryptocurrencies, such as Tether, Binance Coin, USD Coin, Solana, Cardano, Dogecoin, and Tron, experienced losses on this day. This downward trend also affected Chainlink, Polkadot, Wrapped Bitcoin, Avalanche, Litecoin, and Shiba Inu, among others.

After a consistent four-week period of growth, Bitcoin appears to be entering a phase of moderation. This year, a similar four-week consecutive green candle pattern was observed in January, followed by a notable correction.

Despite this, traders seem to be leaning towards long positions due to the upward trend in the medium term, foreseeing potential profitability.

In the last 24 hours, the overall cryptocurrency market valuation decreased by 0.66%, resting at $1.4 trillion, according to CoinMarketCap.

Simultaneously, alongside Ether, several digital currencies like Polygon, Bitcoin Cash, Elrond, Iota, and Ardor experienced gains during this trading period.

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