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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Jan 17, 2025 07:05 UTC
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Why is Crypto Market Up Today? Bitcoin Leads $3.57 Trillion Surge
Total crypto market value surpasses $3.57 trillion, led by Bitcoin's rise above $100,000.
CPI data shows slight inflation increase, but steady improvement reassures investors.
ETFs see significant inflows, particularly from BlackRock, while Litecoin gains traction with Nasdaq's ETF filing.
The crypto market is on the rise, with its total value reaching $3.57 trillion after a 2.5% increase in the past 24 hours. Bitcoin, the largest cryptocurrency, is leading this recovery, trading at $101,380. Other top coins, including XRP, Solana, and Dogecoin, have also seen strong gains of 8.5%, 7%, and 3.8%, respectively.
Could this be the start of a bigger trend? Keep reading to discover the factors fueling this rally and what’s next for the crypto market.
What’s Driving the Price Surge?
The recent rise in crypto prices comes after the release of the U.S. Consumer Price Index (CPI) report for December, which showed a 0.4% increase, slightly higher than the expected 0.3%. The CPI is up 2.9% compared to last year, matching predictions. While inflation is still a concern, the steady improvement in the CPI has reassured investors, helping fuel the market rally.
Litecoin ETF Sparks Excitement
Litecoin is also in the spotlight as the Nasdaq recently filed for a Litecoin ETF, following updated feedback from the U.S. Securities and Exchange Commission (SEC). Experts now believe the chances of approval are higher, creating a buzz in the market and boosting investor optimism.
Bitcoin ETFs See Strong Inflows
Bitcoin exchange-traded funds (ETFs) are seeing strong demand. On January 16, Bitcoin ETFs recorded an inflow of $626.1 million, following a $755 million inflow the day before. BlackRock, a leading asset manager, contributed $527.9 million to this surge. These inflows show growing interest in BTC after days of outflow.
Liquidations Push Prices Higher
The rise in crypto prices has been followed by a wave of liquidations in the derivatives market. Over $326 million worth of positions were liquidated in the last 24 hours, with $182 million coming from short positions. Traders betting against the market were forced to close their trades, contributing to the price spike. Binance saw the largest single liquidation, valued at $6.09 million.
Bitcoin Holds Strong Above $100,000
Bitcoin has successfully held its position above the critical $100,000 mark, a key support level that boosts investor confidence. Many analysts believe this stability could push Bitcoin toward $105,000 if buying pressure remains strong.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
This market recovery shows promising signs, with multiple factors driving the momentum. As investor confidence grows, the big question is: how high can the rally go? Let’s wait and see.
FAQs
The crypto market is valued at $3.57 trillion, with a 2.5% rise in 24 hours, driven by Bitcoin’s rally and gains in top altcoins like XRP and Solana.
Bitcoin, XRP, Solana, and Dogecoin are leading gains today, with market trends suggesting strong momentum in these and other major cryptocurrencies.
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