Bitcoin and Ethereum Prices Recover Following US Inflation Data

  • Bitcoin, Ethereum, and others showed signs of recovery on September 13th after the release of the US Federal Reserve’s Consumer Price Index (CPI) inflation data.
  • As of the time of writing, Ethereum’s price had increased by nearly 1.50%, trading at $1,618. Meanwhile, Solana’s price had also risen by 2% to reach $18.64.
  • The recent performance of major cryptocurrencies appears to indicate that crypto enthusiasts are regaining confidence, sparking positive momentum in the overall market.

Prices of Bitcoin and cryptocurrencies are recovering after inflation data in the USA; Investors will follow Producer Price Index data today.

Prices Rising After Inflation Reports

Major cryptocurrencies, including Bitcoin and Ethereum, showed signs of recovery on September 13th following the release of the US Federal Reserve’s Consumer Price Index (CPI) inflation data. Although the Fear and Greed Index remained in the “fear” territory, the overall performance of digital currencies suggested a different story. At the time of writing, the Fear and Greed Index stood at 36.

Bitcoin’s price is showing signs of life, gaining ground and reaching $26,275 with a 1% increase over the last 24 hours. However, despite these gains, the largest cryptocurrency by market capitalization is still trading below the $30,000 threshold.

Ethereum’s price had increased by nearly 1.50% and was trading at $1,618 at the time of writing. Additionally, Solana’s price had risen by 2% to reach $18.64. A similar trend was observed in the meme coin segment, with Dogecoin seeing a 1.08% increase in the last 24 hours, reaching $0.06136, and Shiba Inu’s price rising by 1.44% to $0.000007279.

The recent performance of major cryptocurrencies suggests that crypto enthusiasts are regaining confidence and that positive momentum is beginning in the overall market. The global cryptocurrency market capitalization increased by 1.46% to reach $1.04 trillion at the time of writing, although the 24-hour trading volume decreased by 11.73% to $29.27 billion.

However, investors are now awaiting the release of jobless claims and Producer Price Index (PPI) data in the US today. The expectation for monthly PPI is 0.4%, while the expectation for initial jobless claims is 225,000.

Hedera (HBAR) Increased by 8%

Hedera’s price increased by 8% in the last 24 hours and was trading at $0.0514 at the time of writing. Its market capitalization also increased by 11.20% to $1,736,737,924. Although not a significant announcement, Hedera recently announced that they would showcase Proof-of-Reserve solutions at the TOKEN2049 event from their X accounts.

THORChain (RUNE) Increased by 5%

THORChain’s price was $1.60 at the time of writing, marking a 5% increase in the last 24 hours. Its market capitalization increased by 8.12% to $543,695,664, and the 24-hour trading volume surged by 110.74% to reach $58,441,729. In a recent statement on the X platform, THORChain announced that RUNE is now fully distributed.

Maker (MKR) Increased by 2%

Maker (MKR) was one of the biggest gainers among cryptocurrencies. At the time of writing, Maker’s price had increased by 2% to reach $1,156, and its market capitalization had risen by 5.42% to $1,151,298,444. The cryptocurrency appears to be gaining momentum following its participation in two major crypto events, South Korea Blockchain Week (September 4-10) and TOKEN2049 (September 13-14), and discussions about the “End Game” project.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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