Bitcoin, Ether Prices Rise After US CPI Data Release; Most Altcoins Join the Profit-Making Side

Bitcoin has been trading sideways for days, with the value of the popular cryptocurrency remaining under the $70,000 (roughly Rs. 58.4 lakh) mark.

Bitcoin's value remained largely unchanged on Thursday, with a slight increase of 0.66 percent in its price. According to international crypto exchanges like CoinMarketCap and Coinbase, 1 BTC is currently valued at $68,105 (roughly Rs. 56.8 lakh), subject to fluctuation. On the other hand, Indian exchanges like WazirX and CoinDCX show Bitcoin's price to be around $72,005 (roughly Rs. 60 lakh).

"Following the release of US Consumer Price Index (CPI) data, which came in lower than expected, the crypto market experienced volatility, initially leading to a market pump. However, prices soon retraced after the FOMC announcement that the Fed's fund rate would remain constant. For BTC, holding above the $67,000 level (roughly Rs. 55.9 lakh) is crucial to maintain the uptrend,” the CoinDCX markets desk told Gadgets 360.

Ether's price also saw a slight increase of 0.30 percent over the last 24 hours. On foreign exchanges, Ether is trading at $3,509 (roughly Rs. 2.93 lakh), as reported by CoinMarketCap, while on exchanges in India, it is valued at around $3,112 (roughly Rs. 2.6 lakh).

“Despite the imminent launch of Ether's spot exchange-traded funds (ETFs) in the US, the price has remained below $3,750 (roughly Rs. 3.13 lakh) for the past three days. Some attribute ETH's lack of bullish momentum to the uncertainty surrounding the timeline for the individual S-1 fund filing approvals by the regulator. As indicated by derivatives metrics, Ether investors' optimism has dropped to its lowest point in three weeks,” the ZebPay Trade Desk told Gadgets 360. “ETH has a strong support at $3,450 (roughly Rs. 2.88 lakh) whereas $3,700 (roughly Rs. 3.09 lakh) will now act as a resistance for the asset.”

Among altcoins, Binance Coin, Solana, USD Coin, Ripple, and Cardano joined BTC and ETH on the profit-making side of the crypto chart on Thursday.

At the same time, the prices of Avalanche, Shiba Inu, Polkadot, Chainlink, Near Protocol, Polygon, and Litecoin also rose on Thursday.

Only a few cryptocurrencies, including Tether, Dogecoin, Tron, Leo, Braintrust, and Circuits of Value, marked losses on Thursday, according to the crypto price tracker by Gadgets 360.

The overall crypto market cap rose by 1.40 percent over the last 24 hours. According to CoinMarketCap, the present valuation of the crypto sector is at $2.47 trillion (roughly Rs. 2,06,31,292 crore). At present, Bitcoin's dominance over the crypto sector valuation is at 54.2 percent. Ether commands 17.2 percent market dominance, leaving the rest to other altcoins.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-ether-prices-rise-cpi-data-release-altcoins-join-profit.html

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