Add as a preferred source on GoogleAltcoins Fell 5.69% in Weekly Comparison, Bitcoin (BTC) Dropped 1.99%
Bitcoin had traded around $82,500 for more than three weeks, with $87,000 marking an upside breakout level.
Flows shifted into Bitcoin and Ether (ETH) and out of altcoins during the week covered, while a broad altcoin rally may depend on Bitcoin moving higher first.
Altcoins fell 5.69% in the weekly comparison, compared with a 1.99% decline for Bitcoin. The altcoin loss was nearly three times as large as Bitcoin’s.
Bitcoin had traded around $82,500 for more than three weeks. A move above $87,000 would mark an upside breakout level.
The market outlook also included September inflation, rising macro correlations, the Federal Reserve calendar and third-quarter earnings. The U.S. consumer price index (CPI) rose 3.7% over the 12 months through September and 0.6% for the month. Core CPI increased 2.6% year over year and 0.3% in September.
The Federal Open Market Committee (FOMC) is scheduled to meet Oct. 27-28. Third-quarter corporate earnings are also in focus.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.