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Ethereum and Altcoins See 'Outsized Drawdowns' Due to Macro Pressures
Market analysts indicate that macro factors are driving down altcoin prices, particularly for Ethereum, XRP, and Solana. Over the past 24 hours, major tokens have experienced 'outsized drawdowns' compared to Bitcoin. The market cap of all cryptocurrencies dropped by 2.5% to $2.8 trillion, with Ethereum dropping by 5.5% to a $289 billion market cap, XRP by 5.1% to $82.4 billion, and Solana by 3.8% to $60.6 billion. Bitcoin itself saw a 3.1% drop to a $1.6 trillion market cap over the same period. Experts attribute this to macro pressures, including a rise in the consumer price index and predictions of a potential October interest rate hike.