The crypto market experienced significant action this week, driven by the release of August’s Consumer Price Index (CPI) data and upcoming Fed meeting. Bitcoin surged to a new all-time high above $115,000 following this news, while many altcoins saw impressive gains. 📈
Following a period of weakness at the start of the week, Bitcoin rebounded with strength thanks in part to positive CPI data, suggesting potential rate cuts by the Fed next week. The asset traded above $114,000 on Wednesday and Thursday before reaching its record high this morning. However, momentum has eased as of press time, resulting in a slight decline from earlier highs.
This week’s market was dominated by several noteworthy events. Altcoin tokens saw significant gains with notable surges for DOGE, SOL, HYPE, MNT, M, and MYX, all surpassing previous weeks’ milestones. Notably, HYPE hit an all-time high of over $57, while BNB also set a new record at $910.
Crypto market watchers also paid attention to key trends such as the shift in Bitcoin miners’ strategy from selling to accumulating newly mined coins. An analyst expressed concerns about potential artificial price rallies for some altcoins before the upcoming FOMC meeting. Furthermore, El Salvador celebrated its fourth anniversary of Bitcoin legal tender with a purchase of 21 BTC.
To understand this week’s market fluctuations, we delve into specific trends and highlight notable data points. You can find our full analysis by clicking here: [link to chart] 📊