Bitcoin, Ethereum Hit Monthly Highs Ahead of Inflation Report

Ahead of the Fed's upcoming CPI report, Bitcoin and Ethereum are bullish.

The Consumer Price Index (CPI) measures the rate of change in the price of various goods and services in the United States. It's used as a key indicator for measuring inflation.

Bitcoin (BTC) broke its near-term sidewise momentum, with the leading cryptocurrency hitting a new monthly high of $18,287.30, according to data from Coingecko.

At press time, BTC is changing hands at around $18,165, up 4.1% over the past 24 hours. 

Alongside the bullish price action, Bitcoin’s daily trading volumes have also risen 48.73% to $33.398 billion over the same period.

On a weekly note, Bitcoin is up 7.8%, reversing all its monthly losses.

Amid Bitcoin’s bullish run today, over $77 million worth of Bitcoin futures trades were liquidated over the past 24 hours, per data from Coinglass. Most liquidations (~93.32%) came from blown-out short positions.

Despite short-term price heroics, Bitcoin is still far from its historical all-time high of $69,044 in November 2021. 

Ethereum joins Bitcoin bounce

Ethereum (ETH), the second-largest cryptocurrency, with a market capitalization of roughly $168.9 billion, has also gained 4.8% over the past 24 hours, per data from Coingecko.

Since November 8, 2022, Ethereum has struggled to rally past the $1,400 resistance level. Earlier today, ETH breached that level and rallied as high as $1414.11, the coin’s new monthly high.

According to data from Coinglass, Ethereum is leading liquidation activity.  

Over the past 24 hours, Ethereum futures positions totaling $112.21 million were liquidated. Of the total trades liquidated, 94.48% were short positions.

Apart from the bullish price action, Ethereum-based NFT trading volume has also spiked 38.45% to $28.679 million over the past 24 hours, according to data from Cryptoslam.

Total Value Locked (TVL), a measure of DeFi activity on Ethereum, is up 2.25% to $25.33 billion, supporting the ongoing price rally.