Home Business Market Awaits Crucial Inflation Numbers, 2 Cryptos Still Rising Fast

Market Awaits Crucial Inflation Numbers, 2 Cryptos Still Rising Fast

Market Awaits Crucial Inflation Numbers, 2 Cryptos Still Rising Fast

Today, the main focus in the crypto market is the American Consumer Price Index (CPI). The inflation figures could cause a stir in a market that has been remarkably stable for months.

Although the impact of the US CPI over the past few years has been less severe than last year, there is a possibility that this time will be different. For the first time in a long time, inflation rates are expected to rise. That could cause fear in markets, particularly regarding Federal Reserve policy. The CPI will be published at 2:30 p.m. Dutch time.

The total cryptocurrency market cap is up 0.5% since 24 hours to $1.03 trillion. Trading volume fell 17% to $31 billion over the same period. Bitcoin’s dominance over altcoins increases to 49.1%. The popular sentiment indicator, the Fear & Greed Index, rises from 30 to 41, a sign that fear in the market is decreasing again.

Bitcoin briefly shoots above $26,000

Bitcoin (BTC) briefly bounced back around $26,000 yesterday and shot to a high of $26,570. However, last night Bitcoin fell below $26,000 again but remained stable above $25,800.

This morning, Bitcoin briefly peaked again at over $26,000, but fell to $25,872 on Bybit and €24,081 on Bitvavo at the time of writing. This means that Bitcoin is up 0.3% today.

The price increase could be related to the news of another Bitcoin ETF application. However, the hype was quickly over. The market is still struggling with low volume and low liquidity.

Nevertheless, it is noticeable that the mood immediately improved and the analysts sounded more hopeful again. According to Ali Martinez, it is important for Bitcoin to close above $25,600 this week, then the price could potentially rise to $27,350 or even $31,800.

Toncoin is the fastest to climb into the top 10 cryptocurrencies

Ethereum (ETH) climbed to a high of $1,625 yesterday but has since returned to a downtrend that will take the price back to $1,584 by this morning. This means ETH is up 0.2% today.

Most of the other coins from the top 10 are currently at the same price as 24 hours ago. There are two exceptions. The first is Tron (TRX), which rose 2.3% to $0.08.

Then we have Toncoin (TON), which started rising sharply yesterday and made another big jump this morning. At the time of writing, TON is at $1.91, meaning it is up no less than 13.3% today.

Rollbit Coin is the fastest to climb into the top 100 cryptocurrencies

The top 100 is a little more divided and about half are red. Stellar (XLM) is the worst hit and is currently falling below $0.12 after a 7.7% decline.

On the other hand, we still have some strong newcomers. Bitcoin Cash (BCH) and Bitcoin SV (BSV) are both up around 5% today. Radix (XRD) and Vechain (VET) are up around 7%.

Finally, we have Rollbit Coin (RLB). RLB price has taken a big hit in recent weeks, but today it is up 15.2% to $0.144.

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