Crypto Market Review, September 13

Ravencoin, one of the most notable inheritors of Ethereum’s hashrate, is rallying once again as only a few hours remain before the Merge update. In addition to the fundamental update, the CPI data release also causes spikes in volatility in the cryptocurrency market.

RVN’s 100% rally does not stop

RVN remains one of the strongest assets in the entire industry in terms of price performance. The asset rallied around 100% in value since September 9, and market data suggests it is far from over as no increase in selling pressure has been detected.

Despite the 11% correction in the last 24 hours, most of the selling volume has been absorbed by investors willing to receive exposure to one of the few Ethereum alternatives.

Ethereum Classic, one of the main competitors of Raven, on the other hand, is not showing performance similar to RVN, as the asset lost around 3% of its value in the last nine days. The most notable move was made on September 6 when ETC lost around 18% in less than a day, gaining around 26% to its value previously.

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With only a few hours left before the Merge update went live, Ethereum’s PoW token started to gain traction in the market as the token’s price increased by more than 25% in the last few hours, finally showing an infusion of funds into an asset which lost more than 75% of its price since its initial listing on the market.

Ethereum itself is showing no signs of a Merge hype rally and is losing around 6% of its value today due to unexpectedly high inflation data.

CPI dissolves crypto market momentum

The unexpectedly high inflation data has once again caused a reversal in the cryptocurrency market as the market did not expect to see values ​​above 8.1% YoY. The high inflation figures will have both long- and short-term effects on the market.

In the short term, we’re going to see a decline in most digital assets, including Ethereum, which is undergoing massive updates a few hours from press time. In the long term, US financial regulators may consider a 100bp rate hike at the upcoming FOMC meeting, which will continue a cycle of tight monetary policy that mostly prevents risk-averse assets like cryptocurrencies from gaining momentum in the market.

The US dollar has already reacted positively to the released data, with the DXY index at 109.2, a value that we should not have seen for a few more days considering the average volatility of the index.

At press time, most cryptocurrencies are taking big hits as Bitcoin loses 4.2% of its value, Ethereum investors deal with a sudden 6% reversal and Ravencoin’s correction accelerates to 11%.