Crypto Market Bitcoin and Altcoins Gain as U.S. CPI Data Looms

January 15, 2025 11:00 AM AEDT | By Team Kalkine Media

Crypto Market Bitcoin and Altcoins Gain as U.S. CPI Data Looms — Image source: shutterstock

Bitcoin (BTC) Price Action Holding Above $96K

Bitcoin (BTC) continues to build momentum despite the prevailing market uncertainty. Over the past 24 hours, the price has risen by 1.90%, bringing it to $96,946.80. This increase has also contributed to a 1.95% rise in Bitcoin’s market capitalization, which now stands at $1.92 trillion. Despite these gains, trading volume has seen a noticeable decline of 23.76%, now sitting at $55.16 billion. This drop in volume signals that some traders may be holding off on making moves until the upcoming CPI data is released, possibly indicating the risk of a pullback in the near term.

Altcoin Market XRP Shines with Double-Digit Surge

In the altcoin market, Ethereum (ETH) continues to show strength with a 1.89% rise in the last 24 hours, pushing its price to $3,227.81. Solana (SOL) followed suit with a 1.85% increase, reaching $188.89. However, it was XRP (XRP) that stole the spotlight, surging an impressive 11.71% to $2.83. This significant gain sets XRP apart from other altcoins, attracting attention as a top performer in a market that remains heavily focused on Bitcoin’s price movements.

Top Gainers and Losers XDC Network Leads the Way

Among smaller-cap tokens, XDC Network (XDC) emerged as the top gainer, with a remarkable 17.51% increase, bringing its price to $0.1153. Other notable gainers include AI16Z and DeXe, which saw gains of 16.01% and 14.47%, respectively. On the flip side, some altcoins experienced declines, including Fartcoin, which saw a 7.06% drop, and Ondo, which fell by 3.04%. Additionally, Sui (SUI) registered a modest decline of 1.85%.

Market Consolidation Ahead of Key Data

As the market braces for the release of the U.S. CPI data, Bitcoin (BTC) remains resilient above $96K, while altcoins show mixed performance. XRP’s surge has made it a standout, but the market’s overall caution reflects the uncertainty surrounding the inflation data. With a drop in trading volume, the crypto market appears to be in a consolidation phase, awaiting key economic indicators that could shape the next phase of price action.

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