Cryptocurrency Prices Today: Cryptocurrency Prices Today: Bitcoin rebounds to $97,000 ahead of US consumer price data; Stellar and Hedera jump 9%

Crypto prices Signs of recovery are emerging from the past two trading sessions, ahead of the US session Consumer price data Scheduled for release on Wednesday, which could change monetary policy expectations. Bitcoin, which fell to $89,000, a level not seen in 24 days, rebounded strongly, rising to the $97,000 level.

As of 11:00 AM EST, Bitcoin was trading at $96,932, up 2.15%, after reaching an intraday high of $97,650. Ethereum price rose 1.2% to $3,222. At the same time, global Cryptocurrency market capitalization It witnessed an increase of 2.5%, reaching $3.37 trillion.

Other major altcoins also saw significant gains on Tuesday. XRP rose 11.8%, BNB rose 1.3%, and Solana rose 1.5%. Dogecoin rose 4.6%, followed by Cardano (7%). excellent (11.4%), Chainlink (4.2%), and Hadera (9%).

“Bitcoin continues its bullish momentum, trading near the $97,000 mark. The broader market also saw a shift in trend, with major coins like Solana, CEO of Mudrex, the expected Producer Price Index data for December.“Although renewed buying interest has boosted sentiment, all eyes are now on the release of CPI data later today, which could impact the market’s trajectory,” Edul added. “Bitcoin support has risen to $94,600 as immediate resistance arrives.” To $97,700.

The CoinSwitch Markets desk similarly commented: “The rebound can be attributed to better-than-expected Producer Price Index (PPI) data, bringing renewed optimism to the market. However, all eyes are now on today’s Consumer Price Index (CPI) release, Which could lead to new volatility and possibly change the market trend,” CoinSwitch added.Read also: Trump 5 Days Left as President: What Should Cryptocurrency Investors Take into Consideration?

The volume of all stablecoins now stands at $115.93 billion, representing 91.02% of the total 24-hour cryptocurrency market volume, according to data available on CoinMarketCap.

In the past 24 hours, the market value of Bitcoin, the world’s largest cryptocurrency, rose to $1.923 trillion. Bitcoin dominance currently stands at 56.99%, according to CoinMarketCap. Bitcoin volume in the past 24 hours fell by 23.4% to $54.98 billion.

“Altcoins have outperformed Bitcoin, with XRP, Cardano and Stellar posting strong gains. Altcoins will continue to show strength against Bitcoin if they continue their rally towards $100,000,” said Vikram Subburaj, CEO of Giottus.

(Disclaimer: The recommendations, suggestions, views and opinions provided by experts are their own. These do not represent the views of the Economic Times.)