US Inflation Data Boosts Bitcoin; Altcoins Lead with 4% Gains

Ahead of crucial US inflation data, major cryptocurrencies like Bitcoin and Ethereum are in green

On Wednesday, the cryptocurrency markets traded higher ahead of crucial US inflation data and a two-day Fed monetary policy meeting later. Most cryptocurrencies rose in the past 24 hours ahead of the release of May CPI data, which is scheduled for today. Bitcoin, the pioneer of digital currencies, has revolutionized the financial world in the past decade. Despite experiencing multiple market fluctuations, Bitcoin continues to assert its dominance in the crypto arena. Its decentralized nature and blockchain technology offer enhanced security, making it a preferred choice among investors.

The global cryptocurrency market cap was at US$1.06 trillion on Wednesday mid-morning, up by 1.08 percent in the last 24 hours, while the total trading volume was at US$28.88 billion, up by 6.12 percent. Bitcoin's price increased by 0.18 percent to US$26,098.40. Its 24-hour trading volume was US$11.55 billion. It is currently ranked number 1 on Coinmarketcap, based on market cap. Bitcoin's market dominance stood at 47.73 percent, down by 0.04 percent over the last 24 hours.

Impact on Altcoins

Ethereum's price increased by 0.65 percent to US$1,751.16 over the previous day. Its 24-hour trading volume was US$5.83 billion. Solana's (SOL) price increased by 1.93 percent to US$15.47 in the last 24 hours. Its 24-hour trading volume was US$354.39 million.

Avalanche was trading at US$11.72, up by 2.64 percent, while its 24-hour trading volume was US$116.35 million. Cardano ADA increased by 0.25 percent to US$0.2798 over the previous day. Its 24-hour trading volume was US$347.26 million.

What is New with Major Cryptocurrencies?

Despite global economic uncertainties, our latest Bitcoin update focuses on its resilience and continued growth. As Bitcoin enters a new phase of acceptance and usage, it continues to assert its relevance as a financial instrument capable of transforming the global economic landscape.

Ethereum's emphasis on community and collaboration has been instrumental in its growth. The Ethereum community is known for its vibrant ecosystem of developers, entrepreneurs, and enthusiasts who have helped the platform to blossom. This collaborative approach has inspired future cryptos to foster similar communities and tap into the collective intelligence of passionate individuals, leading to faster innovation and a more robust ecosystem.

Ethereum's development has served as a guiding light for future cryptocurrencies by demonstrating the potential of blockchain technology beyond simple transactions. Its innovation, community-driven approach, and open-source ethos have inspired developers to push the boundaries of what is possible, paving the way for a more decentralized and inclusive digital future.

Binance is the biggest centralized exchange in the market, and beyond just being a utility token, BNB has woven its utility into the fabric of the landscape. The BNB Chain is an alternative EVM chain that offers excellent scalability and is a highly demanded alternative to Ethereum.

Following increasing DeFi activity due to meme coins, more liquidity, and regulatory bodies cracking down on centralized exchanges,  BNB Chain hit its yearly-high volume and is in good shape for a price pump should the bull season come.

Price predictions for BNB see the cryptocurrency nearing its all-time high again should the market resume upward movement in a bull season.