The cryptocurrency market has seen steady growth in the last 24 hours, with the total market capitalization climbing to $3.95 trillion, up 1.8%. Bitcoin continues to lead the rally, trading above $113,800 after gaining 2.22% in the last day. Ethereum also followed the upward trend, crossing $4,380 with a 1.55% increase. Among top performers, Solana (up 1.99%) and Cardano (up 1.47%) stood out, showing strong gains over the past week as well. XRP held firm at $2.98, posting a 1.10% rise in the day and over 5% weekly gains.
Meme coins and newer projects also joined the upswing. Dogecoin jumped 2.54% in the last 24 hours and more than 13% over the week, while Hyperliquid surged over 3% daily and nearly 22% weekly. With the Altcoin Season Index at 69/100, smaller tokens are increasingly outpacing Bitcoin.
Why is Crypto Rising Today?
Crypto markets moved higher after fresh U.S. inflation data came in softer than expected. The Producer Price Index (PPI) for August showed a 0.1% decline month-over-month, compared to forecasts of a 0.3% increase. On a yearly basis, PPI grew 2.6%, down from July’s 3.1% and well below estimates of 3.3%. The core PPI, which excludes food and energy, also slipped 0.1% against predictions of a 0.3% rise.
Experts are now betting more heavily on the possibility of a 50 basis point rate cut from the Fed next week, though the consensus still points to a smaller 25-point move. The next big test will be Thursday’s Consumer Price Index (CPI) release, which could further shape market expectations.
Recent weak economic reports and softer inflation are giving the Fed more reason to pivot away from its hawkish stance. However, Bitcoin’s price action remains choppy, often rising on dovish signals but failing to hold gains.
