The crypto price charts looked drenched in greens on Wednesday, January 14. Bitcoin managed to break out of its slumber to reflect a price hike of 3.5 percent over the last day. At the time of writing, the asset was trading at $94,960.
Market analysts have credited the better than expected CPI data for nudging BTC upwards on the price ladder. The consumer price index (CPI) data released on January 13 showed a seasonally adjusted 0.2 percent gain on a monthly basis and a 2.6 percent profit on a yearly basis.
“CPI data came in better than expected. Rising geopolitical tensions in the Middle East have also pushed investors toward alternative safe havens like crypto, supporting the broader market rally. On-chain data adds to the positive setup, with short-term holders moving back into profit. Historically, this has been a sign that selling pressure eases, extending upside potential,” Akshat Siddhant, Lead Quant Analyst, Mudrex told Coin Headlines.
Ether roped-in a profit of 5.21 percent in the last 24 hours. The second most expensive asset after BTC is retailing at $3,291, data by CoinMarketCap showed.
With both of the top two asset trading in the greens, a majority of altcoins also minted upticks in their price points.
XRP, BNB, Solana, Tron, Dogecoin, Cardano, and Monero bagged gains within the range of one percent to five percent. Chainlink, Stellar, Hyperliquid, and Avalanche — meanwhile — rose in price by over seven percent over the last day.
The overall crypto market cap rose by 2.95 trillion, bringing valuation to a staggering $3.22 trillion, CoinMarketCap showed.
On the other hand, Canton joined underdog tokens like MYX Finance and Memecore to reel under losses of around four percent each.
Analysts believe BTC’s momentum will be vital in setting the next rally or slowdown of the market.
“For BTC, a strong weekly close above this zone would confirm trend continuation and shift focus toward $116,000–$120,000. Momentum remains constructive, with RSI in the mid-40s, suggesting consolidation before a potential breakout higher,” said Sathvik Vishwanath, co-founder and CEO, Unocoin in conversation with Coin Headlines.
Over 129,550 traders liquidated in the last 24 hours with the total outflows hitting $693.8 million, CoinGlass data showed.