Why is Crypto Up Today? Let’s Dive In
TLDR
- Crypto market cap jumps $109 billion to $4.01 trillion after US inflation data comes in lower than expected at 2.7% year-over-year
- Bitcoin struggles at $120,000 resistance level despite market rally, while altcoins like Ether lead gains
- Ether tops $4,600 for the first time since November 2021, up over 50% in a month
- Treasury Secretary Scott Bessent suggests Fed should consider 50 basis point rate cut in September, boosting markets
- Cardano, Solana, XRP, and Litecoin all post strong daily gains of around 8%, outperforming Bitcoin
The cryptocurrency market experienced a massive rally as the total market capitalization jumped $109 billion to reach $4.01 trillion. The surge came after US inflation data showed consumer…
