Originally published on: January 11, 2024
As Bitcoin traders navigated through the impact of the US Consumer Price Index (CPI) miss, Ethereum (ETH) stole the spotlight by reaching a 20-month high.
The recent CPI data revealed that inflation was on the rise, with prices increasing more than expected. Despite the volatile pre-market moves, Bitcoin traded around $47,000, aiming for range highs as Wall Street opened on Jan. 11.
Investors closely monitored the CPI report, which showed a 0.3% month-on-month increase and a 3.4% year-on-year rise. This data reinforced existing tension in the crypto markets, as the approval of the first US spot Bitcoin exchange-traded fund (ETF) on Jan. 10 added to the mix.
Although many anticipated market volatility, Bitcoin continued to trade within its established range, signaling strong investor demand. On the other hand, Ether surged over 10% in a trader rotation post-ETF approval, reaching $3,145.69, its highest level since early 2022.
While some traders flocked to Ether for higher gains, other altcoins like Solana and XRP also experienced double-digit returns. The market dynamics indicate a shifting landscape, emphasizing the importance of conducting thorough research before making investment decisions.
Disclaimer: This article does not provide investment advice. Readers are encouraged to conduct their own research and evaluate risks before investing in cryptocurrencies.
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