Top cryptocurrency prices today: Solana & Polkadot rally up to 5%, Avalanche drops 3%

economictimes.indiatimes.com:

Investors across the globe and asset classes awaited the latest Consumer Price Index (CPI) data due on Friday. Inflation numbers are likely to hurt riskier assets as sell-off pressure lingers on the digital token market. Majority of the crypto tokens were trading flat, with minor changes, on Friday. Avalanche dropped 3 per cent, whereas Dogecoin and Cardano also traded in the red. On the other hand, Solana jumped 5 per cent, followed by a 4 per cent rise in Polkadot.

Did you Know?

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The global cryptocurrency market cap was trading flat at the $1.24 trillion mark, with no material change in the last 24 hours. However, the total cryptocurrency trading volume plunged about 7 per cent to $61.86 billion. Cryptocurrency prices have been in a slump this year as the Federal Reserve withdraws stimulus and hikes rates to combat inflation.Whats cooking in IndiaChief Economic Adviser V Anantha Nageswaran said cryptocurrencies are akin to 'a world of Caribbean pirates' in the absence of a centralised regulatory authority and is yet to pass the test of a fiat currency. He said that the government is pursuing a 'high-wire balancing act' to ensure that the gains in growth, inflation, and rupee stability of the last four years are not frittered away.Expert takeEdul Patel, CEO and Co-founder of Mudrex said Bitcoin has lost nearly 12 per cent in value over the last month and is down more than 35% from its all-time high. Most cryptocurrencies have also dipped a bit when compared to the previous day. Crypto prices have declined this year with the Federal Reserve hiking rates