The two most popular currencies, Bitcoin (BTC) and Ethereum (ETH) are exhibiting signs of renewed optimism with big price increases over the last day.
The world’s largest cryptocurrency exchange, Binance, undergoes a “Stress Test” and experiences significant net withdrawals in a single day, yet the bullish trend is still in place.
But after the US Consumer Price Index (CPI) report was announced on November 13th, the bullish trend emerged, giving investors hope for an economic rebound that would lift stock prices and, as a result, support the values of cryptocurrencies.
Prices increased less than predicted in November, signaling the end of the rampant inflation that had gripped the economy. In contrast to the expectations of 0.3% and 7.3%, the consumer price index climbed by just 0.1% from the previous month and 7.1% from a year earlier. Source: CNBC
Whereas the forecasts of 0.3% and 6.1%, the core CPI increased by 0.2% in the month and 6% annually. In addition, stocks surged higher after the announcement as investors hunted for indications that rogue inflation is slowing.
A gain of 103.60 points, or 0.3%, lifted the Dow Jones Industrial Average to 34,108.64. To 4,019.65, the S&P 500 increased by 0.73%. Up 1.01% to 11,256.81, the Nasdaq Composite. Not just the Stocks market, the global crypto market cap also increased by almost 3% to $870.53 billion.
Bitcoin (BTC) & Ethereum (ETH) Price Soars
According to the data from CoinMarketcap, the two largest cryptocurrencies on the market, Bitcoin and Ethereum, both experienced significant rises, 3.70%, and 4.52%, respectively, in the last 24 hours.
The data shows that Bitcoin(BTC) marked a daily high at $17,930.09 on December 13th, just close to $18,000, which was last seen at the start of November. However, it is currently trading at $17,803.14.
The key resistance level for Bitcoin is projected to be $20,000 if the bulls keep pushing the price up. On the other side, if the bulls are unable to sustain this ride, it is anticipated to drop to a low of $16,000 once again.
The Coinmarketcap’s data also shows that the BTC market cap has increased by more than 3.60% over the past day, and its 24-hour trading volume has seen a considerable boost of approximately 35.01%.
When comes to Ethereum, the token is currently trading at $1,322.73 with a weekly gain of about 7.62%. The token marks yesterday’s high at $1,341.44, which was also last seen on November 10th.
Along with the market cap of ETH rising by 4.37%, the token’s 24-hour trading volume jumped by around 65.06%. Nevertheless, Ethereum is expected to meet its key barrier near $1,500; else, it will fall to $1,200.
Additionally, several altcoins had their names listed in today’s list of daily gainers, with notable gains in the last 24 hours, including Polygon (MATIC) with almost 4%, Polkadot (DOT) with 4.33%, Litecoin (LTC) with 4.16% and many others.
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