Following the U.S. Consumer Price Index (CPI) data released on Wednesday, the crypto market has witnessed a sharp change in market structure to the bullish side. The world’s leading crypto, bitcoin (BTC), reached six figures for the first time this year. The apex coin has taken a step towards achieving a new high and fulfilling prediction from different analysts and experts.
Remarkably, BTC did not surge alone. Joining the uptrend were Ethereum (ETH), Solana (SOL), Ripple (XRP), and other altcoins that have attracted the attention of many investors and traders. Following the sharp price jump, the market lost about $200 million from bearish leverage traders.
Market Turns Green
According to data from CoinMarketCap, the recent inflows into the market today pushed up the entire crypto market capitalization by about 4.5% to reach $3.49 trillion.
Following the surge, ETH increased by over 6% to beat the $3,400 mark and recorded massive exchange-traded funds (ETF) inflows, signaling rekindled investor’s interest in the world’s second-largest crypto by market capitalization.
Remarkably, XRP made the most movement, surging by over 15% to break the $3 mark and cement its position as the third-largest crypto. Due to its recent upward trajectory, XRP has gained the attention of individual and institutional investors, and many asset managers in the United States have begun to file for a spot XRP ETF.
The bullish wave also drove SOL. The crypto saw an 8% price change to cross the $200 mark for the first time this year. Just as in the case of XRP, financial firms aim for a spot SOL ETF, hoping to gain approval in 2025.
New All-time Highs Incoming
Many analysts have predicted massive upward price movements for different crypto assets, which the crypto community eagerly anticipates for Q1 2025.
One factor believed to drive the market to the moon during this period is the upcoming inauguration of pro-crypto Donald Trump as the new President of America. Throughout his campaign, he declared support for crypto, winning the hearts of American crypto users.
Moreover, crypto-pessimistic SEC chair Gary Gensler will step down for a new crypto-enthusiastic leader to take his place. Hence, the community looks forward to many price-driving innovations and filing approvals within the first three months of Trump’s administration.
Meanwhile, we’re just five days away from Trump’s inauguration and a new, crypto-friendly America.
