Ethereum, Dogecoin Extend Major Losses In Bitcoin-Led Crash But This NFT Play Remains Unstoppable

Major cryptocurrencies slipped into the red but Axie Infinity (CRYPTO: AXS) continued to defy gravity on Tuesday night as the global cryptocurrency market cap plunged 2.75% to $1.33 trillion.

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What Happened: Bitcoin (CRYPTO: BTC) traded 2.03% lower at $32,466.73 over 24 hours and 4.71% for the week.


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Ethereum (CRYPTO: ETH) was down 6.17% to $1,909.80 over 24 hours. Over a seven-day trailing period, ETH has fallen 17.28%.

Meme-oriented Dogecoin (CRYPTO: DOGE) traded 6% lower at $0.195 over 24 hours. The cryptocurrency was down 16.29% on a seven-day basis.

DOGE was down 3.79% against BTC over 24 hours but gained 0.15% against ETH in the same period.

AXS continues to be on a tear and rose 9.93% to $20.53 at press time. The gaming and non-fungible token or NFT related project’s coin shot up 95.08% over the last seven days.

See Also: How To Buy Axie Infinity (AXS)

Against BTC and ETH, AXS is up 12.09% and 16.67% respectively over the last 24 hours.

Joining AXS on its way up were (CRYPTO: CRO), Internet Computer (CRYPTO: ICP) and Harmony (CRYPTO: ONE), all of which were in the green at press time.

Over 24 hours — CRO spiked 2.84% to $0.13, ICP was up 2.81% to $38.49 and Harmony traded 2.56% higher at $0.081.

Why It Matters: On Tuesday, the U.S. Consumer Price Index inflation numbers were released by the Labor Department. CPI inflation rose 5.4% in June, the highest such gain in 13 years.

See Also: Even A Tanking Bitcoin Is Good For Coinbase’s Business, Goldman Sachs Says As It Reiterates Buy Rating

Bitcoin is traditionally thought to be a hedge against inflation, but its recent performance was termed “interesting” by Charles Schwab’s chief investment strategist Liz Ann Sonders on Twitter.

The rising inflation may not be enough of a catalyst to shoot Bitcoin out of its rangebound movement as per Edward Moya of the brokerage firm Oanda, Coindesk reported.

“This inflation shock might not be a strong enough catalyst to break bitcoin’s recent trading range.”

Meanwhile, Bitcoin dominance has been resurging of late and is currently at near 45% levels after falling below 40% in May. Arcane Research reportedly said this is due to the apex cryptocurrency’s perception of safety.

“In a downward trending crypto market, bitcoin is the safest bet,” wrote the cryptocurrency research and analysis firm, CoinDesk reported.

Read Next: Is Bitcoin Losing Its Sheen Among The People?

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