Bitcoin (BTC) and Ethereum (ETH), the leading currencies, are displaying signs of renewed optimism with significant price increases over the past 24 hours.
The Bullish trend remains active despite the continuing crash in cryptocurrency markets as the world’s largest crypto exchange, Binance, gets a “Stress Test” and sees massive net withdrawals in a day.
However, the bullish momentum arose after the United States Consumer Price Index (CPI) report was released on November 13th, giving investors hope for an economic recovery that would boost stock prices and consequently support cryptocurrency values.
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.
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, a number of 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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