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- 1 Bitcoin price attains anticipated support level at $26,000 while Ethereum price sustains over $1,600.
- 2 Solana rose higher than its counterparts marking an increase of over 4%.
- 3 The cryptocurrency price rise followed the recently released CPI report.
Major cryptocurrencies are seen to trade in the green zone in the last 24 hours. This includes Bitcoin (BTC) and Ethereum (ETH) like prominent cryptocurrencies which rose over 1.5%. BTC and ETH attained crucial support levels, but other altcoins have surpassed them in terms of intraday growth. For instance, Solana (SOL) saw over 4% increase while Litecoin (LTC) noted more than 3% rise.
Though there were no industry-specific instances that took place, the recent CPI report could be behind the pump given the instance that followed the report released on Wednesday, September 13th.
The report noted that the annual inflation rate during August saw an acceleration. However, the Consumer Price Index (CPI), other than food and energy prices, saw a decrease.
Along with the cryptocurrency market, Wall Street also experienced optimism resulting in U.S. stock futures trading higher.
At the press time, CoinMarketCap data shows that Bitcoin (BTC) is trading at $26,272 following an increase of over 1% in the last 24 hours while it is up by 2% in the last week.
The price settled down at the current price after attaining a price point above $26,300. The instance is crucial for the crypto asset since it has been trading below $26,000 for the past few weeks.
In addition, Ethereum (ETH) followed in chasing the crypto market’s price growth. ETH saw a low trading price at $1,540 this week but following the recent price increase, it went above the $1,600 price level. The cryptocurrency is trading at $1,618 following a 1.7% increase in the last 24 hours.
Solana (SOL) rose like a star among the top altcoins as the cryptocurrency gained the most in the last 24 hours. SOL is trading at $18.8 after rising over 4%.
FTX Offload of Bitcoin, Ethereum Might Affect
One of the events waiting ahead to kick off and likely to impact the cryptocurrency price is the liquidation of Bitcoin, Ethereum, and Solana-like cryptocurrencies belonging to FTX. The United States court approved FTX’s request of liquidating cryptocurrencies in its possession seeking to repay its investors and customers.
According to Monday’s court filing, FTX’s portfolio holds $3.4 Billion worth of crypto assets. It includes $1.16 Billion in Solana (SOL), $560 Million worth of Bitcoin (BTC), and $192 Million of Ether (ETH), Reuters reported.
The news of a bankrupt crypto exchange selling off its crypto assets made crypto prices flicker for a while. However, the assets traded in green despite a slight dip.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
