The crypto market is entering a critical period this week with the release of US Consumer Price Index (CPI) and Producer Price Index (PPI) data. Record expectations for Bitcoin and altcoins are in the focus of the market. Investors are focused on the results of these data, which may affect the decisions of the US Federal Reserve.
Strong Economic Data and Crypto Rise
The recent revival in the crypto market was supported by positive economic data, especially from the USA. 227 thousand new jobs were added in November, above market expectations. In the same period, the unemployment rate increased to 4.2%.
These developments enabled the market to paint an optimistic picture about the future. With this positive sentiment, Bitcoin reached a record level of $103,900. Analyst Ali Martinez stated that whales increased market confidence by purchasing 20,000 BTC. According to Martinez, this rise indicates that Bitcoin may gain momentum towards $112,926. “The accumulation of Bitcoin whales is going parabolic,” he said, emphasizing the high demand.
Altcoins are also following in Bitcoin’s footsteps. South Korea stands out as one of the world’s second largest cryptocurrency markets. CryptoQuant CEO Ki Young Ju pointed out the density in this segment by saying, “Altcoin trading takes place here at a rate of 93%.” This increases confidence in the market volume and performance of altcoins.
PPI Data Expectation and Investor’s Route
PPI data to be announced on December 12 is another critical point that the market is turning its attention to. The market emphasizes that this data plays an important role in measuring inflationary pressures. Analysts state that they expect a result at last month’s levels.
Whether Bitcoin’s upward trend will continue or not will be determined depending on these economic indicators. Investors carefully monitor both expert forecasts and market conditions. The general opinion is that Bitcoin and altcoins can reach new records in the light of this data.
The cryptocurrency market is waiting for new rising waves in an environment of uncertainty shaped by US economic data. Especially the historical levels of Bitcoin and the increasing volume of altcoins constitute the agenda of the market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
