Bitcoin, Ethereum, XRP, Dogecoin Fall as Hot PPI Raises Rate Hike Bets: Analyst Says BTC Not the 'Biggest Runner,' Expects This Coin to Break Out

Leading cryptocurrencies dropped further on Thursday after hotter-than-expected producer inflation trimmed investors’ risk appetite.Cryptocurrency24-Hour Gains +/-Price (Recorded at 9:18 p.m. EDT)Bitcoin (CRYPTO: BTC)-1.77%$76,938Ethereum (CRYPTO: ETH) -0.54%$2,457.59XRP (CRYPTO: XRP) -3.56%$1.34Solana (CRYPTO: SOL) -1.97%$99.39Dogecoin (CRYPTO: DOGE) -2.88%$0.08357Crypto Slide ContinuesBitcoin dipped below $77,000 as selling pressure accelerated. Ethereum meandered in the $2,400 region, with volume spiking 10% over the last 24 hours.Cryptocurrency-related stocks also fell, with Strategy Inc. ) and Bitmine Immersion Technologies Inc. ) closing down 3.12% and 0.04%, respectively.Over $450 million was liquidated from the cryptocurrency market in the last 24 hours, with $359 million in bullish long positions alone evaporated, according to Coinglass data.Bitcoin’s open interest fell 0.47% over the last 24 hours and more than 8% over the week. "Greed" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.Top Gainers (24 Hours)Cryptocurrency (Market Cap>$100 M)Gains +/-Price (Recorded at 9:18 p.m. EDT)Raydium (RAY) +29.15% $1.55STONK (STONK) +26.29% $0.2220MarsCoin (MARSCOIN) +15.98% $0.1249The global cryptocurrency market capitalization stood at $2.66 trillion after a decline of 1.37% in the past 24 hours. Read Also: Stocks Close Lower for 3rd Straight SessionStocks extended the decline on Thursday. The Dow Jones Industrial Average shed 405.41 points, or 0.77%, to end at 52,380.66. The S&P 500 closed 0.48% lower at 7,636.36, while the tech-focused Nasdaq Composite dropped 0.64% to close at 26,253.34.Producer prices rose 5.4% year-over-year in August, versus the 5.3% rate economists expected and accelerating from July’s 4.8% reading.The hotter-than-expected print raised the odds of a rate cut at next week’s Fed meeting from 61% to 72% within 24 hours, according to the CME FedWatch tool.More Losses for Late BTC Buyers?Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, suggested that Bitcoin may not be the “biggest runner” for now, with more momentum expected in Ethereum.He added that it’s a matter of time before ETH rises over $3,000.Also quite honestly, I don't think is the biggest runner.Most likely, we'll be seeing more momentum into .It's holding up strongly (as altcoins are in general).Matter of time until this runs to $3,000+. On-chain analytics firm CryptoQuant noted that retail’s “Greed” sentiment is being “surgically used” as exit liquidity“Whales and algorithms needed this euphoria to offload their lots, distributing coins onto the heads of late buyers,” the firm added.CryptoQuant anticipated more corrections for those who bought the top.Bitcoin: The Illusion of Greed and Exit Liquidity"With Price Momentum already exhausted at level 20 and the FEI Score locked in a zone of absolute noise (99.53%), the stage is set for a Long Squeeze." – By Read more ⤵️ Read Also: Ripple Expands Beyond Crypto Payments With AI System 'GSmart' Photo Courtesy: PJ McDonnell on Shutterstock.com