Markets
Here’s why BTC, ETH, SOL and DOGE prices are rising
The crypto market is showing signs of recovery today as the global market capitalization jumped 3.49% to $2.52 trillion. Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE) and other cryptos saw gains worth 2-5%.
Notably, BTC price regained momentum above the $69,000 mark, while ETH price rose above $3,600. Altcoins have followed this significant bullish momentum, mainly attributable to a stockpile of recent bullish events. Let’s dig deeper into it.
US CPI Cools, Bullish for Crypto Field
The business landscape is very optimistic as the Annual CPI in the United States
inflation cools to 3.3%, lower than last month’s estimate of 3.4% and 3.6%. Annual core CPI cools to 3.4% from 3.5% expected and 3.6% last month, while month-on-month core inflation slows to 0.2% , a significant decline in recent months.
Meanwhile, Fed Chairman Jerome Powell appears to have maintained his stance on three rate cuts, despite two allusions to Fed swaps. Also worth noting is that the US Dollar Index (DXY) fell to 104.3.
Collectively, these factors appear to have contributed to the crypto market recovery, sparking investor enthusiasm in one of the world’s largest economies.
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Bitcoin and Altcoins Price and On-Chain Statistics
Following the above-mentioned news that surfaced in the market, Bitcoin price jumped by 4.29% to trade at $69,707.75. Data from CryptoQuant recently highlighted the presence of significant buying pressure on the crypto. Over 20,000 BTC were recorded as being transferred to wallets amid the flagship crypto’s recent correction, highlighting a prevailing bearish buying sentiment among crypto market participants. This constitutes a bullish factor, aligning with the recent rise in prices.
Meanwhile, ETH price gained 2.90% to $3,629. This broader recovery is also part of the Ethereum exchange exit registered from Coinbase, a centralized exchange. Data from CryptoQuant shows that more than 336,000 ETH was withdrawn, representing the largest exchange outflow since the start of the year today.
Simultaneously, Solana (SOL) surged 5.10%, hitting $160, and Dogecoin (DOGE) rose over 7% to $0.1492. The day started on a bearish note for most of the day. cryptocurrencies. However, recent developments have occurred, causing an optimistic ripple effect.
Data from Coinglass suggests that BTC OI futures jumped over 3% in just 4 hours after the CPI announcement. CME Bitcoin Futures OI jumped 2.79% during the same period.
Ethereum Futures OI also jumped over 2% in the last 4 hours. DOGE Futures OI saw a remarkable 13% increase during the same period.
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