Markets
See why BTC, ETH, SOL and DOGE prices are rising
The crypto market is showing signs of recovery today, with the global market capitalization rising 3.49% to $2.52 trillion. Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE) and other cryptocurrencies witnessed gains of 2-5%.
Notably, BTC price regained momentum above the $69K mark while ETH price surpassed $3,600. Altcoins followed this significant bullish momentum, primarily attributable to a stock of recent bullish events. Let’s delve deeper into this.
US CPI Cools Cools, Bullish for Crypto Realm
The commercial scenario is highly optimistic, as the US annual CPI
inflation cools to 3.3%, lower than last month’s estimates of 3.4% and 3.6%. Annual core CPI cools to 3.4% versus the expected 3.5% and 3.6% last month, while monthly core inflation slows to 0.2%, a significant drop in recent months.
Meanwhile, Fed Chairman Jerome Powell appears to have maintained his stance on three rate cuts, despite two suggested by Fed swaps. Additionally, it is important to note that the US Dollar Index (DXY) has fallen to 104 ,3.
Collectively, these factors appear to have helped the crypto market recover, boosting investor enthusiasm in one of the world’s largest economies.
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Bitcoin and Altcoins on-chain prices and statistics
With the aforementioned news emerging on the market, the price of Bitcoin jumped 4.29% to trade at $69,707.75. Data from CryptoQuant further highlighted the presence of significant buying pressure on crypto recently. More than 20,000 BTC were recorded as being transferred to wallets amid the leading cryptocurrency’s recent correction, underscoring a prevailing buying sentiment among cryptocurrency market participants. This is considered a bullish factor, aligning with the recent price increase.
Meanwhile, ETH price rose 2.90% to $3,629. This broader recovery is also in line with the huge Ethereum exchange exit registered with Coinbase, a centralized exchange. Data from CryptoQuant shows that more than 336,000 ETH was withdrawn, marking the largest exchange outflow to date.
Simultaneously, Solana (SOL) rose 5.10% to reach $160, and Dogecoin (DOGE) rose more than 7% to settle at $0.1492. The day started on a bearish note for most of the cryptocurrencies. However, recent developments have occurred, causing an optimistic ripple effect.
Data from Coinglass suggested that BTC future OI jumped more than 3% in just 4 hours after the CPI announcement. CME Bitcoin Futures OI jumped 2.79% during the same period.
Ethereum Futures OI has also jumped more than 2% in the last 4 hours. DOGE Futures OI saw a notable increase of 13% over the same period.
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