Bitcoin Surges By 3%, Ether Up By 13% In 5 Days: See Why Is The Crypto Market Bullish?

Cryptocurrencies have been bullish this trading week, with major crypto coins going green. Today, till 5.50 pm UTC, Bitcoin surged by 0.64%, and was quoted at US$ 24,543.90, in the intra day trading. Yesterday, Bitcoin closed at US$ 24,412.60. In the last 5 days, Bitcoin gained by 3.22%, and in the past 1 month, Bitcoin has been up by around 21.87%.

Showing a similar trend, Ether was quoted at US$ 1,999.76, up by 1.97%. Yesterday, Ether closed at US$ 1,961.05. Litecoin was quoted at US$ 64.51, up by 2.40%, Dogecoin was quoted at US$ 0.0739 up by 2.05%, and Cardano was quoted at US$ 0.5581 up by 3.25% today, till last traded. As the US CPI Inflation data for July stood at 8.5% YoY gain, and improved impressively, the crypto market gained some confidence. Additionally, the US Fed rate hike is also helping the market.

Commenting on the Bitcoin market, a CoinDesk report stated, "BTC's weekly chart illustrates a continuing trend higher for bitcoin. After sliding 42% between March 28 and June 27, the price has increased 25% to above $24,000, albeit with a few switchbacks. A spike in volume starting June 13 implied that sellers were increasingly motivated to exit BTC positions. A question for investors is whether the selling pressure was based on the perceived value of bitcoin or driven by market-wide contagion, leading to forced selling." In the last 1 month, Ether prices have gained by 79.22%, On that matter, a CoinDesk report also mentioned, "Ether's price has increased 9% over the past seven days as investors eagerly await the Ethereum Merge, which will shift the protocol from proof-of-work to the faster, more energy-efficient proof-of-stake model."