Bitcoin and Ethereum Gain as Cryptocurrency Market Rises
Bitcoin surged above the key $49,000 level on Tuesday, while Ethereum also recorded gains, trading above the key $2,600 mark. The cryptocurrency market saw Beam as the top gainer over the past 24 hours, while Chainlink turned out to be the biggest loser.
US Inflation Rate at 3.1%
In economic news, the annual inflation rate in the U.S. eased to 3.1% in January from 3.4% in December, although it came in higher than market estimates of 2.9%.
Global Crypto Market Cap Rises to $1.87 Trillion
At the time of writing, the global crypto market cap rose to $1.87 trillion, marking a 24-hour gain of 4.7%. Bitcoin (BTC) was trading higher at $49,852 with a 3.9% increase, while Ethereum (ETH) rose by around 7.5% to $2,673 on Tuesday.
Top Ten Crypto Gainers and Losers
Gainers:
- Beam
- Price: $0.02926
- 24-hour gain: 16.2%
- ORDI
- Price: $70.05
- 24-hour gain: 14.4%
- Akash Network
- Price: $3.50
- 24-hour gain: 14.1%
- Sei
- Price: $0.7485
- 24-hour gain: 11.8%
- Render
- Price: $5.03
- 24-hour gain: 11.2%
- Gnosis
- Price: $281.61
- 24-hour gain: 11.2%
- Blur
- Price: $0.6695
- 24-hour gain: 10.6%
Losers:
- Chainlink
- Price: $20.12
- 24-hour drop: 1.1%
- Bitcoin Cash
- Price: $276.74
- 24-hour drop: 0.6%
- WEMIX
- Price: $2.21
- 24-hour drop: 0.2%
Analyst comment
Positive news: Bitcoin and Ethereum both surged in value, with the cryptocurrency market seeing overall gains. The global crypto market cap also rose.
Negative news: Chainlink, Bitcoin Cash, and WEMIX experienced drops in value.
Market analysis: The market is currently showing positive momentum, with increasing interest and investment in cryptocurrencies. This trend is expected to continue, driving further growth in the market.
