Bitcoin Increases When CPI Is Lower Than Anticipated; Ethereum, Dogecoin, and XRP Also Rise:Analyst Predicts $6,000 for ETH
ETH’s Market Dominance At A 9-Month High
Bitcoin consolidated in the range between $119,000 and $120,000, while trading activity declined substantially.
Ethereum, on the other hand, surged past $4,600, continuing a winning run that has brought the second-largest cryptocurrency very near to its highest point ever. The coin’s trading volume increased by 18%.
At 13.7%, ETH’s market share was at its highest level in nine months. In contrast, Bitcoin’s market share fell even more to 58.8%.
In the past day, Solana has also increased by over 9%, and XRP has increased by 2.24%.
The last day saw the cryptocurrency market sell almost $480 million, wiping off $344 million in bearish shorts.
Over the past day, ETH saw a 9.19% increase in open interest, while Bitcoin saw a 0.14% decline. Remarkably, the Long/Short ratio showed that almost 54% of Binance futures traders with open ETH positions were placing bets on the asset’s collapse.
The Crypto Fear & Greed Index shows that the “Greed” attitude increased over the past day, indicating more buying pressure.
Top Gainers (24 Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:15 p.m. ET) |
|---|---|---|
| Fartcoin (FARTCOIN) | +21.22% | $1.08 |
| Pump.fun (PUMP) | +11.71% | $0.003916 |
| JasmyCoin (JASMY) | +11.50% |
$0.01846
|
After a 2.95% surge on the previous day, the global cryptocurrency market value soared past $4 trillion.
Market Sees Higher Chance Of A Rate Cut
On Tuesday, stocks surged to all-time highs. The Dow Jones Industrial Average closed at 44,458.61, up 483.52 points, or 1.10%. The tech-focused Nasdaq Composite surged 1.39% to reach a new closing high of 21,681.90, while the S&P 500 rose 1.13% to set a record close at 6,445.76.
The rise followed a lower-than-expected July consumer price index reading, which allayed investor concerns that President Donald Trump’s tariff measures would increase inflation.
In the meantime, the CME FedWatch tool showed that the likelihood of a September rate cut rose to 94.3% from 85.9% the previous day.
ETH On Track For $6,000?
In a message to Benzinga, B2 Ventures founder and investor Arthur Azizov stated that Ethereum’s prognosis remained optimistic with a pronounced “bullish bias.”
“I believe that either this year or next, we could see ETH reach $6,000,” Azizov stated. “For now, the key is to hold the $3,350 level.”
Ali Martinez, a well-known cryptocurrency trader and expert, shared the bullish sentiment, predicting that ETH will soar to $5,241 now that it has broken through the $4,300 barrier.
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