Crypto Market Rallies as Inflation Eases, Bitcoin Surges Past $58K

Today, the broader cryptocurrency market is experiencing a strong rally, with Bitcoin (BTC) surging past $58K and altcoins like Ethereum (ETH), Solana (SOL), and XRP all trading in the green.

The broader cryptocurrency market is rallying on Monday, with Bitcoin (BTC) surging past $58K and altcoins like Ethereum (ETH), Solana (SOL), and XRP all trading in the green.

The total market capitalization has risen 1.38%, now sitting at $2.04 trillion, while trading volume jumped by 18.90% over the past 24 hours to reach $72.25 billion.

This surge comes as a surprise, considering the downtrend in the crypto market throughout September. However, the market seems to be responding positively to the latest inflation data from the United States.

With Bitcoin nearing $58K and other major cryptocurrencies experiencing a positive momentum, which was unlikely in September, the market is now preparing for the upcoming Federal Reserve meeting.

If the Fed announces a rate cut, the current rally could be further amplified, potentially driving up cryptocurrency prices further throughout September.

Despite the optimism, the market is still in a delicate state. Moreover, Bitcoin’s slight 1% drop shows that many investors have already factored in the recent inflation data and are awaiting positive signals from the Fed.

A rate cut could mark a turning point, potentially leading to a significant upward move in Bitcoin and the broader crypto market.

The above is the detailed content of Crypto Market Rallies as Inflation Eases, Bitcoin Surges Past $58K. For more information, please follow other related articles on the PHP Chinese website!