The cryptocurrency markets have cooled off a bit following an early-week rally as investors kicked into risk-on gears following\u00a0a soft US inflation reading.<\/p>\n
Bitcoin (BTC) reached intraday highs of US$18,400 yesterday before cutting back to US$17,800 by the session\u2019s close.<\/p>\n
Another half a percent has been shaved from the BTC\/USD pair this morning, bringing BTC down to US$17,700.<\/p>\n
Bitcoin should find a support base at US$17,600, where buyers seem willing to jump in.<\/p>\n
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Can bitcoin (BTC) reclaim US$18,000, or is it heading lower? \u2013 Source: currency.com<\/strong><\/span><\/p>\n As for Ethereum (ETH), the second-largest cryptocurrency ended up 1% weaker at US$1,300 by yesterday\u2019s close, and has since fallen another 1.5%.<\/p>\n The ETH\/USD pair could end up at the US$1,250 support line if the bearish correction persists.<\/p>\n The correction has been felt harder by Binance\u2019s BNB token, which fell nearly 4% overnight, as did Dogecoin (DOGE) and Litecoin (LTC).<\/p>\n Fantom (FTM), which was one of the best performers in recent days, hit a sharp 6% reversal in the past 24 hours.<\/p>\n On a positive note, embattled blockchain network Solana (SOL) continues to show short-term resilience having added 1.5% overnight to bring its market capitalisation close to US$5.2bn.<\/p>\n Tron (TRX) is also outperforming with 1% added so far today.<\/p>\n Global market capitalisation across all cryptocurrencies is US$861bn, while total value locked across all decentralised finance (DeFi) protocols recently dipped below US$42bn<\/p>\n<\/div>\n