Crypto market rises ahead of US inflation data; Ethereum nears $2,800, Altcoins rally up to 8%
Bitcoin continued to hover above the $109,600 mark on Wednesday, with broader crypto markets extending gains amid renewed institutional interest and optimism around upcoming macroeconomic data.
ADVERTISEMENT At 12:38 pm IST, Bitcoin was trading 0.2% higher at $109,690 after hitting an intraday low of $108,367, according to CoinMarketCap. Ethereum surged 4.5% to $2,793, breaking through key resistance levels and leading gains among major altcoins. The global cryptocurrency market capitalisation rose 1% to $3.45 trillion.
Altcoins followed Bitcoin's lead, posting notable gains across the board. Solana advanced 5%, Dogecoin climbed 4%, and Cardano rose 3.7%. Hyperliquid led the rally among top altcoins with an 8.4% gain, while Sui and Shiba Inu added 6% and 3%, respectively. Uniswap's UNI token jumped 18% on favourable regulatory developments, while XRP and BNB saw modest gains of 0.3% and 1.3%.
Vikram Subburaj, CEO of Giottus, noted that Bitcoin is consolidating just below the crucial $110,000 mark ahead of key U.S. inflation readings. 'This is a decisive week with CPI and PPI data expected. These numbers will set the tone for the upcoming FOMC meeting, where traders are watching for any signals on rate cuts,' he said.Subburaj also pointed to a rise in the Coinbase Premium Index, indicating institutional accumulation. 'Tether Treasury's surprise minting of $1 billion in USDT on the Tron network further supports market liquidity. The timing appears aligned with institutional OTC settlements,' he added.Riya Sehgal, Research Analyst at Delta Exchange, said Ethereum has shown strong momentum, breaking above $2,700 and consolidating near $2,800. 'Open interest has surged to a record $40 billion. A break above $2,900 could trigger liquidations worth $1.8 billion, potentially pushing ETH toward the $3,000 mark,' she noted.
ADVERTISEMENT Sehgal added that Bitcoin and Ethereum ETFs saw net inflows of $431 million and $125 million, respectively, on June 10. Notably, BlackRock added 3,050 BTC and 30,080 ETH to its holdings, reinforcing institutional confidence in the sector.
Also Read: Civil War has begun! Rich Dad Poor Dad author Robert Kiyosaki warns of global chaos, backs Bitcoin as the only safe haven
ADVERTISEMENT According to CoinSwitch Markets Desk, Ethereum's long-term appeal remains strong with 34.6 million ETH—around 28% of the total supply—now staked in the network's proof-of-stake contract, valued at nearly $90 billion. The circulation of PayPal's PYUSD also returned to its $1 billion peak, suggesting a rebound in stablecoin demand.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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