As a researcher with a background in economics and a keen interest in the crypto market, I find today’s recovery particularly intriguing. The global market cap’s surge to $2.52 trillion and the gains seen by Bitcoin, Ethereum, Solana, Dogecoin, and other cryptos are a welcome sight after a period of bearish sentiment.
As a crypto market analyst, I’m observing a noticeable uptick in the crypto market today. The global market capitalization has experienced a significant surge of 3.49%, reaching a value of $2.52 trillion. Notably, prominent cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) have all demonstrated impressive gains ranging between 2% and 5%.
Significantly, the price of Bitcoin surged past the $69,000 threshold, while Ethereum hit a new high at around $3,600. The rally extended to altcoins, fueled by a series of recent bullish developments. Let’s explore this further.
US CPI Cools Cools Down, Bullish For Crypto Realm
The trading environment is favorable for bulls as the U.S. annual Consumer Price Index (CPI) inflation rate decreases to 3.3%, which is below the forecasted 3.4% and last month’s 3.6%. Similarly, the yearly Core CPI falls to 3.4%, compared to the anticipated 3.5% and previous month’s 3.6%. Moreover, the monthly core inflation rate decelerates to 0.2%, marking a considerable decline in recent periods.
Currently, Federal Reserve Chairman Jerome Powell seems unwilling to change his position on implementing three interest rate reductions, despite indications of potential adjustments from Fed swaps. Additionally, it’s important to mention that the U.S. dollar index (DXY) declined to a level of 104.3.
Together, these elements seem to have contributed significantly to the revival of the cryptocurrency market, generating renewed interest among investors in one of the global economic powerhouses.
Bitcoin & Altcoins Prices & On-Chain Stats
When the news broke about Bitcoin, its price rose by 4.29% to hit $69,707.75. According to CryptoQuant, there’s been strong demand for Bitcoin in the market recently. Approximately 20,000 Bitcoins were transferred to wallets during Bitcoin’s recent correction, indicating that investors are taking advantage of price dips to buy. This trend is a positive sign, aligning with the overall upward trend in Bitcoin’s price.
As a researcher studying the cryptocurrency market, I’ve observed an intriguing development regarding Ethereum (ETH). The ETH price has experienced a notable surge of 2.90%, reaching a value of $3,629. This uptrend aligns with a significant Ethereum exchange outflow recorded from Coinbase, a prominent centralized exchange. Based on data from CryptoQuant, approximately 336,000 ETH were withdrawn today, representing the largest year-to-date exchange outflow.
At the same time, Solana’s price jumped by 5.10%, reaching $160, while Dogecoin experienced a rally of more than 7%, settling at $0.1492. The cryptocurrency market started off on a downbeat note, but positive developments emerged, leading to an uplifting mood.
The data from Coinglass indicated a significant increase of approximately 3% in Bitcoin futures open interest (OI) within just 4 hours following the Consumer Price Index (CPI) announcement. Meanwhile, Open Interest for Bitcoin futures on CME rose by around 2.79% during that same timeframe.
As a researcher, I’ve observed notable growth in both Ethereum and Dogecoin futures open interest (OI) within the past 4 hours. Specifically, Ethereum’s OI has surged by over 2%, while Dogecoin’s OI experienced an impressive 13% increase.
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2024-06-12 18:16