Bitcoin Jumps On Cooler Inflation; Ethereum, XRP, Dogecoin Gain — Analysts See BTC Trading In This Range Until The Fed Meet
Leading cryptocurrencies rallied on Wednesday as U.S. producer inflation unexpectedly cooled, boosting the chances of interest rate cuts.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +2.74% | $114,022.87 |
| Ethereum (CRYPTO: ETH) |
+1.67% | $4,373.72 |
| XRP (CRYPTO: XRP) | +1.55% | $2.99 |
| Solana (CRYPTO: SOL) | +4.17% | $225.10 |
| Dogecoin (CRYPTO: DOGE) | +3.30% | $0.2465 |
Bitcoin Sees Noticeable Breakout
Bitcoin experienced a breakout, surging past $114,000 after days of range-bound movement. Trading volume rose 17% over the last 24 hours.
Ethereum rallied to an intraday high of $4,450.42 but failed to sustain the gains, easing around $4,370 overnight. XRP also gained 1.55% in the 24-hour period.
Over $264 million was liquidated from the cryptocurrency market in the last 24 hours, with $158 million in short positions wiped out.
Bitcoin’s open interest increased by 2.11% in the last 24 hours, totaling a 6.4% rise this week. The latest spike boosted bullish positioning for the leading cryptocurrency, with longs outpacing the shorts, according to the Long/Short Ratio.
Top Gainers (24 Hours)
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