Ethereum, Altcoins See 'Outsized Drawdowns' Due to Macro Pressures

In brief

• Ethereum, XRP, and Solana have all dropped in value on the day, with "outsized drawdowns" compared to Bitcoin.
• Experts point to Wednesday's consumer price index coming in at 3.7% and expectations of an October interest rate hike as major macro pressures.
• The slide is also a natural hangover from altcoins’ “strength and momentum” over recent months.

Altcoins have taken a hit over the past 24 hours, with major tokens seeing "outsized drawdowns" compared to Bitcoin. Experts say that this has largely been prompted by macro pressures pushing prices down.

With the market cap of all cryptocurrencies dropping by 2.5% to $2.8 trillion, Ethereum dropped by 5.5% to a $289 billion market cap over the past 24 hours, XRP fell by 5.1% to $82.4 billion, and Solana slipped by 3.8% to $60.6 billion. Meanwhile, industry leader Bitcoin has slipped by 3.1% on the day and 2.6% on the week, sitting at a market cap of $1.6 trillion.

It comes after the consumer price index rose 3.7% in the year to September, as Decrypt reported on Wednesday, with Myriad predictors pointing to a 28% chance of an October interest rate hike (Disclaimer: Myriad is a prediction market operated by Decrypt's parent company Dastan).