On Monday, the price of cryptocurrencies declined as concerns about inflation and an economic downturn reappeared, dampening demand for riskier assets.
The dread is still present, according to the cryptocurrency Fear & Greed index, which has improved recently. On the other hand, all eyes will be on this week’s monetary policy meeting of the US Federal Reserve.
In the early hours of Monday, all the major cryptocurrency tokens were trading at lower prices. Dogecoin and Avalanche both fell by 5%, while Cardano, Polkadot, and XRP each fell by 4%.
The market capitalization of all cryptocurrencies was trading lower at $1.01 trillion, falling approximately 2% over the previous day. However, the overall volume of cryptocurrencies traded increased by more than 4%, or close to $62.64 billion.
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