The crypto market was in the red yesterday as most of the currencies saw a downtrend and thereafter, today one can witness it rebounding from the recent losses. The crypto behemoths, like Bitcoin (BTC) and Ethereum (ETH) have been trending on the leading price tracking website, CoinMarketCap. The most prominent reason for this gain is that there is positive inflation news that suggests that the power head’s inflationary pressures have been slowed. This is a breather for investors who were earlier worried due to the persistent crypto crash sessions.
The recent data of the Consumer Price Index (CPI) has relieved many macroeconomic concerns and also indicated that the crypto market might witness a summer rally soon. This has spurted optimism in the crypto enthusiasts and industry participants. Along the same lines, the Director of Financial Analytics at StoneX, Youwei Yang, said that:
“The saying is that optimism in a bear market is more precious than diamonds, so we are seeing hope here.”
The Crypto Market’s Green Performance
The major cryptocurrencies that saw a bullish rally today are mentioned below.
- Bitcoin (BTC): The largest cryptocurrency, Bitcoin, was up by 6.07% and traded at $24,527.50 at the time of writing on Thursday, August 11, 2022. The market capitalization of the BTC crypto stood at $468.90 billion, gaining 6.06%. The 24-hour trade volume spurted by 52.51% and was at $38.38 billion. The gain in Bitcoin price was notable enough as it crossed the $24,000 mark after about two months now.
- Ethereum (ETH): The second-largest cryptocurrency, Ethereum, was up by 10.76% and traded at $1,883.82 at the time of reporting on Thursday, August 11, 2022. The market valuation of the ETH token stood at $230.31 billion, up by 10.92%. The 24-hour trade volume increased by 61.62% and was at $28.45 billion.
- Solana (SOL): Another prominent crypto, Solana, also saw a significant price hike. The SOL token was up by 10.89% and traded at $44.33 at press time on Thursday, August 11, 2022. The market capitalization of it at $15.45 billion, up by 10.93%. The 24-hour trade volume of the crypto was up by 73.32% and was at $1.77 billion.
- Flow (FLOW): It was the only crypto that managed to gain a place in the top 3 trending digital currencies on CoinMarketCap alongside crypto giants, BTC and ETH. The Flow crypto was up by 5.77% and traded at $3.01 at the time of writing on Thursday, August 11, 2022. The market capitalization of the FLOW token stood at $3.11 billion, up by 5.83%. The 24-hour trade volume increased slightly by 8.75% and was at $277.58 million.
- Meme Cryptos: We could surely not miss out on the meme-frenzy cryptos’ performance today. Dogecoin (DOGE) and Shiba Inu (SHIB), the major meme coins, saw a gain of 4.49% and 3.39%, respectively. DOGE was priced at $0.0716 while SHIB traded at $0.00001245 at the time of drafting on Thursday, August 11, 2022.
The crypto market has been bullish for a while today and is expected to continue the momentum shortly as the positive inflation news promoted excitement in the investors.