Ethereum within $200 of ATH, Solana surges, and the latest inflation numbers from US
💎 Ethereum nears ATH — ETH came within $200 of its $4,878 record, up 7% overnight.
🚀 Solana surges — SOL jumps over 12% in the past 24 hours.
📉 Rate cut hopes rise — Stable US inflation strengthens expectations for September cuts.
Before we get to the latest US inflation numbers, let’s first look at the momentum building in Ethereum (ETH), which in the last 24 hours came within $200 of hitting a new all-time high. This comes on the back of an increase in public companies pursuing an ETH treasury strategy, raising capital to invest large amounts in ETH for their balance sheets. The original smart contracts crypto is currently trading at $4,635, up more than 7% overnight. For perspective, Ethereum’s all-time high is roughly $4,878, set four years ago in November, and its daily high yesterday was around $4,674. Will it push beyond this level today? An Ethereum competitor, Solana (SOL), is also surging, up more than 12% this morning.
As Ethereum and others rally, the Bitcoin market continues to look for clear direction after its numerous all-time highs in July. The market-cap leader is trading just shy of $120,000 this morning, up 0.7%.
US stock markets posted fresh all-time highs alongside stable inflation data from the US yesterday, matching investor expectations. Analysts say this also supports the narrative that the Fed could feel comfortable enough to start lowering interest rates during its September meeting. Will this provide more tailwinds for crypto and stock markets?
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $4.06 trillion, up 2.31% over the past 24 hours.
🟠 Bitcoin (BTC) ↗️
Price: $119,323 up 0.24% in the last 24 h
Daily high: $120,203
Daily low: $118,252
📈 S&P 500 ↗️
SPY is currently up about 1.13% since yesterday’s close.
📈 Nasdaq 100 ↗️
The Nasdaq 100 is up about 1.13% overnight.
🥳 Fear & Greed Index
The Crypto Fear & Greed Index stands at 63/100, in Greed.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for BTC is approximately 47, in neutral territory.
Data is correct as at 13 August, 07:53 GMT.
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
