Crypto Market Recovery: Here’s Why BTC, ETH, SOL, & DOGE Prices Are Rising
Release: 2024/06/12 23:04 Reading: 482
- Original author：Coingape News Media
- Original source：https://coingape.com/?p=202009
Surge in Crypto Markets: Bitcoin Rebounds, Altcoins Join Momentum
The crypto market has exhibited a recovery trend, with the global market capitalization climbing 3.49% to $2.52 trillion. Key cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) have experienced gains between 2% and 5%.
Bitcoin and Ethereum Lead the Rise
BTC has reclaimed momentum, surpassing the $69K mark, while ETH has exceeded $3,600. Altcoins have followed suit, attributed largely to a series of positive developments.
US CPI Data Fuels Bullish Sentiment
The recent cooling of the US annual CPI inflation to 3.3% (below estimates and the previous month) has created a favorable environment for cryptocurrencies. The Core CPI has also declined, while month-on-month core inflation has dropped significantly.
Fed's Powell Maintains Interest Rate Cuts Stance
Fed Chair Jerome Powell has reaffirmed his intention to implement three interest rate cuts, despite market expectations of only two. The depreciation of the US dollar index (DXY) to 104.3 has also contributed to the market recovery.
Impact on Investor Sentiment
These factors have collectively boosted investor confidence, driving the market recovery, particularly in one of the world's largest economies.
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