• Bitcoin (BTC) and Ethereum (ETH) have both seen gains in the last 24 hours, with BTC surpassing $30,000 and ETH surpassing $1,900.
• The global crypto market capitalization has reached $1.23 trillion due to positive inflation data and the Ethereum Shanghai upgrade.
• US inflation statistics have led to speculation that the Federal Reserve will end its rate-tightening cycle sooner than expected, which could positively influence Bitcoin prices long-term.
Strong Performance of Cryptocurrencies
Bitcoin (BTC), the largest cryptocurrency, reversed its modest losses from the previous day and regained traction above the $30,000 level once more. Meanwhile, Ethereum (ETH), the second-largest cryptocurrency, broke through the $1,900 barrier and outperformed Bitcoin.In addition, other cryptocurrencies, such as Dogecoin (DOGE), Litecoin (LTC), and Solana (SOL), exhibited strong performance as well.Nonetheless, the driving force behind the ongoing bullish rally can be attributed to positive inflation data and the Ethereum Shanghai upgrade, both of which are contributing to the sustained growth of the crypto market. The global cryptocurrency market has been demonstrating exceptional performance.At the time of writing, the global crypto market capitalization stood at $1.23 trillion, marking a 1.20% increase over the past 24 hours.As previously mentioned, Bitcoin is currently trading above $30,000 while Ethereum has risen by 2% to $1,908.20.
Impact of US Inflation Data on Crypto Prices
The global crypto market has been flashing green and rose moderately on Thursday due to lower-than-expected US inflation statistics fueling speculation that Federal Reserve will likely finish its rate-tightening cycle sooner than expected which will affect cryptocurrencies like Bitcoin value positively in future . According to statistics released on Wednesday U.S consumer prices increased by 0.1% in March resulting 5 % annual increase , weakest 12 month growth since May 2021 . Core CPI excluding volatile food & energy costs rose 5 % annually up from 5 % month before however underlying inflation pressures remain high .This gives rise to probability of an early end to rate tightening cycle soon enough leading rise in bitcoin prices .On top add prospect of a small recession later this year as predicted by minutes from march fed meeting , central bank might lower interest rates before year ends having long term impact on cryptocurrency markets .
Ethereum Shanghai Upgrade
The new update for Ethereum enhances staking flexibility thus boosting liquidity & security making way for higher value in near future . This development further adds fuel to ongoing bullish rally encouraging sustained growth of crypto markets globally
Prospects For Sustained Gains After FOMC Meeting Minutes Reveal?
Whether or not BTC & ETH will sustain their gains after FOMC meeting minutes reveal depends upon further developments in underlying fundamentals supporting them like increasing adoption , institutional investments etc .If these perspectives turn out positive then chances for continuation of gains increases multi fold else there is every chance for corrections / pullbacks depending upon extent & speed with which these underlying trends change/develop over time
Conclusion
The current bullish trend indicates that cryptocurrencies are exhibiting strong performance driven by favorable macro factors & developments within specific cryptos like ethereum shanghai upgrade etc . With upcoming US Fed meeting minutes release it remains uncertain whether or not bitcoin & etherum prices will sustain their current values or face pull backs depending upon how well they cope up with changing fundamentals