• Bitcoin, Ether dip
  • Meme cryptos slide
  • Market cap slumps 

The cryptocurrency market traded in the red early Friday morning as Bitcoin, Ether and other top coins dropped amid surprisingly high inflation. The global market cap was down 2.07% at $1.97 trillion as of 3.10 a.m. ET.

The U.S. Labor Department on Thursday reported that the consumer price index (CPI) for January rose 7.5%, higher than expectations.

Bitcoin was down 1.48% at $43,490. Ether slid 2.80% to $3105, CoinMarketCap data showed.

Barring a slight uptick in Tether and USD Coin prices, all the top 10 cryptos were trading lower. Meme cryptos Shiba Inu and Dogecoin too plunged.

Despite the slump in prices, industry insiders remained optimistic of a bullish return with some coins showing signs of gains in the near future.

'We are cautiously optimistic on the structural bull market remaining intact, particularly for crypto, given the sheer volume of funds that have continued to pour into the sector, notwithstanding the seemingly dull economic outlook," Indian exchange CoinDCX Research team told International Business Times.

According to WazirX daily analysis, The total transactions on Cardano(ADA), a decentralized platform, recently crossed the 30 million mark.

"The daily trend for Cardano can be seen traversing within a descending channel pattern. Going by the adoption rate of the token, it is only a matter of time before we see a bullish cycle for Cardano," the Indian exchange noted in the analysis.

Meanwhile, Theta (THETA) and Clover Finance (CLV) gained more than 20% over the last 24 hours to become the top performers for the day and outperformed Bitcoin over the same time span.

In other news, global crypto exchange Coinbase has removed 'how to buy' instructions for the crypto tokens which have been the subject of 'rug pull' warnings that investors may lose their money, saying it plans to improve safeguards.

Total cryptocurrency payments rocketed 567 percent to $15.8 trillion in 2021, according to Chainalysis
Total cryptocurrency payments rocketed 567 percent to $15.8 trillion in 2021, according to Chainalysis AFP / Ozan KOSE