Bitcoin, Ethereum, Dogecoin Spike After Inflation Data Matches Expectations: Top Analyst Foresees New BTC ATH If It Stays Above This Level
Leading cryptocurrencies rallied Wednesday after in-line inflation data boosted expectations of monetary easing by the Federal Reserve.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | +5.03% | $100,927.86 |
| Ethereum (CRYPTO: ETH) |
+6.42% | $3,828.77 |
| Dogecoin (CRYPTO: DOGE) | +6.38% | $0.4121 |
What Happened: Following a minor pullback, Bitcoin reclaimed the $100,000 mark, while Ethereum returned to the $3,800 territory.
Bitcoin’s upswing catalyzed the rest of the market, as the altcoin dominance increased by 4.41% over the last 24 hours.
Cryptocurrency liquidations surpassed $240 million in the last 24 hours, with $154 million in leveraged shorts getting wiped out.
Over $400 million in shorts risked liquidation on Binance if Bitcoin rises to $104,000.
Bitcoin’s Open Interest surged by 4.90% in the last 24 hours. Interestingly, the number of traders shorting the asset rose dramatically in the last 24 hours, implying a greater expectation of another dip.
Market sentiment returned to the “Extreme Greed” zone, as per the Cryptocurrency Fear & Greed Index, lending credence to the pullback narrative.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded … |
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