Leading cryptocurrencies rallied on Tuesday as lower-than-expected consumer inflation raised expectations of interest rate cuts.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:15 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +0.47% | $119,575.71 |
|
Ethereum (CRYPTO: ETH) |
+6.95% | $4,577.98 |
| XRP (CRYPTO: DOGE) | +2.24% | $3.22 |
| Solana (CRYPTO: XRP) | +9.62% | $192.26 |
| Dogecoin (CRYPTO: SOL) | +4.19% | $0.2341 |
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, meanwhile, soared above $4,600, extending a winning streak that has sent the second-largest cryptocurrency close to all-time highs. The coin recorded an 18% jump in trading volume.
ETH's market dominance reached 13.7%, its highest in nine months. Bitcoin's market share, on the other hand, dropped further to 58.8%.
Solana also popped more than 9% in the last 24 hours, while XRP gained 2.24%.
Over $480 million was liquidated from the cryptocurrency market in the last 24 hours, with $344 million in bearish shorts wiped out.
Bitcoin's open interest fell 0.14% in the last 24 hours, while ETH recorded a 9.19% spike. Interestingly, about 54% of Binance futures traders with open ETH positions were betting on the asset's decline, according to the Long/Short ratio.
The "Greed" sentiment rose in the last 24 hours, according to the Crypto Fear & Greed Index, suggesting increased 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 |
The global cryptocurrency market capitalization sailed past $4 trillion, following a 2.95% spike in the last 24 hours.
Market Sees Higher Chance Of A Rate Cut
Stocks lifted to record highs on Tuesday. The Dow Jones Industrial Average climbed 483.52 points, or 1.10%, to close at 44,458.61. The S&P 500 jumped 1.13% to notch a record close at 6,445.76, while the tech-focused Nasdaq Composite spiked 1.39% to hit a new closing high at 21,681.90.
The rally came after July's consumer price index came in lower-than-expected, helping calm investors' fears that President Donald Trump's tariff policies would drive up inflation.
Meanwhile, the probability of a September rate cut increased to 94.3% from 85.9% the day before, according to the CME FedWatch tool.
ETH On Track For $6,000?
Arthur Azizov, founder and investor at B2 Ventures, said in a note to Benzinga that Ethereum's outlook remained positive with a clear "bullish bias."
"I believe that either this year or next, we could see ETH reach $6,000," Azizov predicted. "For now, the key is to hold the $3,350 level."
The bullish bias was echoed by widely followed cryptocurrency analyst and trader Ali Martinez, who predicted ETH’s rise to $5,241 now that it has overcome the $4,300 barrier.
Photo Courtesy: Shutterstock AI on Shutterstock.com
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