Skip to content

Why is the crypto market up today?

Why is the crypto market up today?

Save for a few exceptions, the majority of the cryptocurrency market is starting to look brighter, and the sector’s total market capitalization is up 1.66% in the last 24 hours, led by its largest representatives, Bitcoin (BTC) and Ethereum (ETH).

Specifically, the crypto market’s total market cap currently stands at $1.05 trillion, which is far below its 2021 all-time high (ATH) but still a welcome change following a dip that nearly brought it below $1 trillion, as per the data retrieved from the crypto monitoring platform CoinMarketCap on September 14.

Total crypto market cap 24-hour chart. Source: CoinMarketCap

CPI report effect

According to the observations by the cryptocurrency and blockchain analytics platform Santiment, the positive change arrives after the release of the Consumer Price Index (CPI) report for August, recording a 3.7% increase compared to the expected 3.6%, with a core CPI reporting a +4.3% rise.

On top of that is the fact that social discussion rates of “CPI” and “inflation” are surging, but “there isn’t quite as much discussion compared to July and August,” which the platform’s analysts consider a positive thing, as they explained in an X post shared on September 13.

Bitcoin prices vs. social discussion rates of ‘CPI’ and ‘inflation.’ Source: Santiment

FTX sell-off impact

Meanwhile, fears are mounting over the expected liquidation of $3.4 billion in crypto assets held by the disgraced crypto exchange platform FTX in batches of $100-$200 million per week, exercising selling pressure on the industry and possibly preventing it from a stronger rebound.

Specifically, the pressure is the greatest on Solana (SOL), with FTX holding $685 million of it, followed by $529 million in the FTX Token (FTT), $268 million in Bitcoin, $90 million in Ethereum, $67 million in Aptos (APT), $42 million in Dogecoin (DOGE), $39 million in Polygon (MATIC), $35 million in BitDAO (BIT), and $29 million in XRP.

All things considered, time will tell whether the crypto market manages to maintain the positive momentum and follow with more significant advances to the upside, particularly as the price prediction algorithm at the crypto analytics website CoinCodex predicts a surge for Bitcoin in the following months.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10.

  • Copy top-performing traders in real time, automatically.

  • Regulated by financial authorities including FCA and FINRA.

2.8 Million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available.

Read Next:

Weekly Finance Digest

Related posts