Bitcoin and Ethereum Hit Monthly Highs Ahead of Inflation Report

[ad_1]

Ahead of the next Fed CPI report, Bitcoin and Ethereum are bullish.

The Consumer Price Index (CPI) measures the rate of change in the price of various goods and services in the United States. It is used as a key indicator to measure inflation.

Bitcoin (BTC) broke short-term sideways momentum, with the major cryptocurrency hitting a new monthly high of $18,287.30, according to data from Coingecko.

At press time, BTC is changing hands at around $18,165, up 4.1% in the past 24 hours.

Along with the bullish price action, daily Bitcoin trading volumes also increased by 48.73% to $33.398 billion during the same period.

On a weekly note, Bitcoin is up 7.8%, reversing all of its monthly losses.

Amid today’s Bitcoin bull run, over $77 million in Bitcoin futures trades have been liquidated in the past 24 hours, according to data from Coinglass. Most of the liquidations (~93.32%) came from blown short positions.

Liquidations of Bitcoin over time; red bars indicate blown short trades. Source: Coinglass.

Despite short-term price heroism, Bitcoin is still far from its all-time high of $69,044 in November 2021.

Ethereum joins Bitcoin rebound

Ethereum (ETH), the second-largest cryptocurrency, with a market capitalization of around $168.9 billion, also gained 4.8% in the past 24 hours, according to data from Coingecko.

Since November 8, 2022, Ethereum has been struggling to break above the $1,400 resistance level. Earlier today, ETH broke above this level and hit $1414.11, the coin’s new monthly high.

According to data from Coinglass, Ethereum is leading the liquidation activity.

In the past 24 hours, Ethereum futures positions totaling $112.21 million have been liquidated. Of the total trades liquidated, 94.48% were short positions.

Along with the bullish price action, Ethereum-based NFT trading volume also increased by 38.45% to $28.679 million in the past 24 hours, according to data from Cryptoslam.

Total Value Locked (TVL), a measure of DeFi activity on Ethereum, rose 2.25% to $25.33 billion, supporting the ongoing price rally.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

Stay up to date with crypto news, get daily updates in your inbox.

[ad_2]