Bullish Trends Revisit the Crypto Market After CPI Release
- The global crypto market rebounded 2.5% following the stronger-than-expected CPI data.
- Bitcoin climbed to the $63K zone, catalyzing rallies in various altcoins. Currently, it is trading at around $62,848.
After a week marked by mixed sentiments, the cryptocurrency market has bounced back positively, particularly following the release of the Consumer Price Index (CPI) data for September. The CPI rose by 0.2%, while the core CPI increased by 0.3%, both exceeding expectations. This data has led analysts to believe that the Federal Reserve is unlikely to cut interest rates by 50 basis points in November, and they may even decide against trimming rates altogether.
As a result, the global crypto market cap surged over 2.5%, reaching $2.2 trillion. Bitcoin (BTC) took the lead, climbing to the $63K zone, and propelled rallies among various altcoins. This momentum sets a hopeful tone for October, often referred to as Uptober, known for its potential price increases.
Bitcoin and Altcoins Surge Amid Positive Market Sentiment
In recent trading, Bitcoin peaked at $63,400, although it has seen slight fluctuations, currently trading at around $62,848 as per CMC data. Ethereum (ETH) also displayed a modest rise of 1.45%, trading near the $2,450 mark.
This positive trend has rippled through the altcoin market, with Avalanche (AVAX) seeing an impressive jump of over 10%, moving from a low of $26.37 to a high of $28.98. Other cryptocurrencies, such as SUI, also rose by about 12%, reaching $2.16 from $1.93. Major players like XRP, Solana, and BNB recorded increases between 3% and 4%.
Even memecoins are enjoying the spotlight. Dogecoin (DOGE) rose by 3% to $0.1112, while Shiba Inu (SHIB) climbed 5% to $0.0000179. Other leading memecoins, such as PEPE and Dogwifhat (WIF), have also experienced notable gains, rallying 7% and 8%, respectively.
Furthermore, the relatively new meme coin Popcat (SOL) hit an all-time high of $1.49, surpassing FLOKI in value. As the market shifts gears, investors remain optimistic about the potential for further gains this month.
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Are Bulls Ready to Drive Ethereum (ETH) to $2,500?
Read more: https://thenewscrypto.com/bullish-trends-revisit-the-crypto-market-after-cpi-release/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
