#Dogecoin and XRP lead the gains.#
Hot Topic Overview
Overview
Dogecoin (DOGE) and XRP led the altcoin market gains over the past 24 hours, rising by 6%-7%, while Bitcoin (BTC) climbed above 3% to reach $97,300 on Tuesday. The overall cryptocurrency market bounced back, driven by US Producer Price Index (PPI) data coming in lower than expected and the possibility of a pro-crypto executive order from Donald Trump. However, traders remain focused on the Consumer Price Index (CPI) report due on Wednesday, which is expected to have a significant impact on the market and could influence the Fed's policy stance this year.
Ace Hot Topic Analysis
Analysis
Dogecoin (DOGE) and XRP have been standout performers in the recent cryptocurrency market, outpacing other cryptos in gains. DOGE and XRP have surged by 6%-7%, respectively, while Bitcoin (BTC) climbed to $97,300 on Tuesday, gaining 3% in the past 24 hours. This rally has been driven by several factors: First, the US Producer Price Index (PPI) reading came in below expectations, providing a boost to BTC. Second, market expectations that Donald Trump will issue an executive order favorable to the cryptocurrency industry have also fueled buying sentiment. Additionally, a reduced expectation of US interest rate cuts this year has also supported BTC's climb. However, the upcoming Consumer Price Index (CPI) report could introduce volatility to the market and impact traders' assessment of the Fed's policy trajectory this year. Furthermore, Trump's inauguration could also have an impact on the market, as people anticipate supportive actions towards cryptocurrencies. Despite this, K33 Research believes that the incentive to sell BTC at the inauguration will be significantly reduced unless there is a substantial momentum revival within the next six days. Overall, the outperformance of Dogecoin and XRP, coupled with the continued rise of Bitcoin, indicates a rebound in the cryptocurrency market, but the market remains susceptible to macroeconomic factors and policy shifts.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Dogecoin and XRP led the cryptocurrency market gains, likely due to market expectations of a pro-crypto stance from the Trump administration and the impact of US inflation data coming in lower than expected.
Bitcoin reached $97,000 ahead of the crucial CPI inflation report release but remains rangebound above $90,000, indicating market uncertainty about the future economic trajectory.
Market participants have already lowered expectations for a US rate cut this year, and Wednesday's Consumer Price Index (CPI) report could inject another wave of volatility into the market and provide traders with further clues on the Fed's policy path this year.
The Trump inauguration could impact the market as there is growing anticipation of the new president's pro-crypto moves, but K33 Research believes the incentive to sell BTC on inauguration is much lower unless there is a substantial momentum revival in the next six days.