Ethereum Surges 6.95% as Crypto Rallies on Soft CPI Data and Fed Rate Cut Hopes
Cryptocurrencies rallied on Tuesday as softer-than-anticipated July consumer price index (CPI) data bolstered market expectations for a Federal Reserve rate cut in September. Bitcoin gained 0.47%, trading at $119,575.71 at 9:15 p.m. ET, while Ethereum surged more than 6.95% to $4,577.98, nearing all-time highs. XRP and Dogecoin also posted gains of 2.24% and 4.19%, respectively [1].
Ethereum’s strong performance was highlighted by increased trading volume, a 18% rise, and its market dominance reaching a nine-month high of 13.7%. In contrast, Bitcoin’s market share dipped to 58.8% [1]. The broader crypto market saw a 2.95% increase in the past 24 hours, pushing total market capitalization beyond $4 trillion [1].
The optimism was…
