Bitcoin & Ethereum soar: Crypto market rally on US-China talks & Fed hopes

New Delhi: Prior to the release of US inflation (CPI) data, the crypto market has witnessed tremendous growth. Bitcoin jumped 3.54% to $1,15,559 on Monday. Traders are now eyeing the level of $1,20,000. Successful trade negotiations between the US and China have also strengthened market sentiment, which seems to be returning investor confidence.

Along with Bitcoin, the other big cryptocurrency Ethereum also witnessed strong growth. Ethereum rose 7.40 percent to $4,235.56 by 11.25 am (IST). Major tokens like BNB, XRP, Solana, Dogecoin, Tron, Cardano and Hyperliquid also rose by 11 percent.

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According to CoinMarketCap, the total global crypto market cap increased by 3.72 percent to reach $3.91 trillion.

Hyperliquid recorded the sharpest surge in altcoins. This token climbed 11.08 percent in the last 24 hours. At the same time, Dogecoin gained 5.89 percent and its price was $0.2075. Bitcoin rose 4.70 percent and Ethereum 4.25 percent during the past week, while other tokens jumped as much as 26%. However, Tron recorded a decline of 6.15 percent.

Bitcoin built support at $1,06,453 and the 50-day EMA rose above $1,13,397 and is now trading around $1,14,975. Last weekend, the market broke several important resistance levels, Ethereum crossed $4200, Litecoin 100 dollars, Solana 200 dollars, and Dogecoin crossed $0.20.

Market experts believe that market sentiment has now moved from 'Fear' to 'Neutral', which has returned traders confidence. The success of the US-China negotiations has increased the liquidation of short positions. Also, the possibility of a 25 basis point rate cut by the Federal Reserve has reached 98.3%.