Following the publication of US inflation numbers, which may have an impact on the Federal Reserve’s intentions to raise interest rates and engage in high-risk asset trading, cryptocurrency performance improved during trading today, on Wednesday.
By market capitalization, Bitcoin, the most valuable cryptocurrency, increased by 3.8% to $24. 07 thousand before retracing part of its gains to $23,919 thousand.
The Ethereum currency climbed 7. 7% to $ 1. 83 thousand in the same hour of today’s trade, according to data from the CoinMarketCap website, which specialises in tracking the performance of digital currencies.
According to Shivam Thakral, CEO of PayUCoin, Ethereum is surpassing other crypto assets with its incredible rise and is expected to be the best performer in 2022.
Blockadot grew by 4.9% to $9, Dogecoin by 0.8% to $0.070129, and Cardano by 3.3% to $0.5331.
39 gained by 2.7%, and Solana rose to $41. 98.
The worldwide cryptocurrency market cap grew to $1. 14 trillion from $1. 08 trillion, according to CoinMarketCap statistics.
The positive performance at that hour coincided with the inflation rate in the United States recording a slower than expected rate at the end of last July, owing primarily to fuel prices at gas stations, but it is still very high, which may push the US Federal Reserve to raise interest rates sharply again.
Consumer prices grew 8.
The Consumer Price Index, which was announced on Wednesday by the Labor Department, indicated that prices increased by 5% annually in July. Contrary to all predictions, inflation fell to zero during the course of a single month, showing that prices did not increase when compared to last June.
Press reports claim that despite the president of the Central African Republic, Faustin Arkang Touadera, referring to cryptocurrencies as “digital gold” and claiming that despite volatility in Bitcoin and other cryptocurrencies, a surge is on the horizon, this performance of cryptocurrencies took place.
Bitcoin will likely stay within its current price range, according to Michael Novogratz, CEO of commercial crypto bank Galaxy Digital, especially given the lack of significant institutional capital inflows into the cryptocurrency market.
Novogratz continued, “I’d be happy if we could stay in the $20,000, $22,000, or $30,000 range for a long. Due to the excitement surrounding its upcoming software upgrade, Merge, Ethereum is currently trading at or over $2,200.
The price of Bitcoin and all other cryptocurrencies combined has once again surpassed $24,000.
About Author
