The crypto market sentiment has taken an optimistic turn after the CPI data came in line with expectations at 2.9 percent. Now, ahead of the Fed’s decision on interest rates, Bitcoin reflected a price hike of over one percent in the last 24 hours. On Friday, September 12, the oldest and most expensive crypto asset has hit the price point of $115,485. While BTC has breached the mark of $115,000 for the first time in at least two weeks, it is still consistently undergoing minor fluctuations, CoinMarketCap shows.
Market analysts have warned traders that such rallies are often accompanied by heightened volatility around key data releases, suggesting them to take financial decisions cautiously.
“Bitcoin’s surge to a two-week high reflects growing investor anticipation around macroeconomic signals. Markets are clearly pricing in expectations of easing inflation or a more dovish Fed stance, both of which could provide tailwinds for risk assets, including crypto. The next 24–48 hours will be crucial in determining whether this momentum can sustain or if we see a short-term pullback,” Avinash Shekhar, the CEO of the Pi42 exchange told CoinHeadlines.
Ether, according to CoinMarketCap, clocked a price hike of over 2.50 percent in the last 24 hours. The asset is presently retailing at $4,540 — having breached the mark of $4,500 in over a week.
U.S. President Donald Trump is reportedly expecting the Fed to cut the interest rates. He has strongly reiterated his call for this change to Federal Reserve Chairman Jerome Powell. The decision is slated to arrive at the next Federal Open Market Committee (FOMC) meeting, slated for September 16 and September 17.
Ahead of the announcement, a majority of altcoins have been trading in profits. These include Ripple, BNB Chain, Tron, and Stellar — all of which clocked profits of under two percent. Solana price rose by over six percent in the last 24 hours, bringing its value to over $237.
Meanwhile small losses impacted Litecoin, Cronos, Toncoin, Ethena, and Worldcoin. The MYX Finance (MYX) token dropped by 25 percent in its value over the last day, bringing its price to $13.52.
“With a steady inflation metric and softer PPI figures, the market has factored in a 25bps rate cut next week. Moreover, the $741 million inflows into Bitcoin ETFs have also added to the upward pressure,” Edul Patel, the CEO of Mudrex told CoinHeadlines.
The overall crypto market cap has surged over $4.02 trillion after its valuation rose by nearly two percent in the last 24 hours, CoinMarketCap data showed.
On the Fear and Greed Index, the score has risen from 47 to 50 in the last 24 hours — indicating that the market is technically simmering at the neutral sentiment.