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Why Crypto Traders Are Watching U.S. Inflation Data Closely This Week
The cryptocurrency market continued its upward momentum on Tuesday, with Bitcoin (BTC) holding above $118,000after a 2.2% daily gain. Ethereum (ETH) remained steady at $4,300, closing in on its all-time high of $4,800 following a strong 17.2% weekly rise.
Altcoins Lead the Charge
Unlike previous cycles, altcoins are currently driving market gains. XRP rose 3.2% to trade above $3.16, Solana (SOL) climbed 5.2% to $176, and Dogecoin (DOGE) advanced 5.7% to reach $0.22. Binance Coin (BNB) also saw a 1.2% increase, now priced at $800.
Staked Ether via Lido followed Ethereum’s lead, up 18% over the week, reflecting broader optimism across DeFi tokens. The total crypto market cap has reached $4 trillion, according to CoinGecko.
Ethereum Strength Driven by Legislation and ETF Flows
Analysts attribute ETH’s strong performance to recent pro-crypto legislation in the U.S. and robust ETF inflows. According to Alex Kuptsikevich of FxPro, Ethereum’s on-chain activity and address growth are nearing historical levels. “We may soon see ETH break its previous $4,800 record,” he said.
Bitcoin has already surpassed the $120,000 technical barrier, with the next potential target range between $135,000 and $138,000.
All Eyes on U.S. CPI Report
Today’s U.S. Consumer Price Index (CPI) data could be a key trigger for markets. Analysts expect a slight rise to 2.8% annual inflation. A softer reading could increase expectations for a September rate cut, now seen as likely following dovish Federal Reserve commentary.
Derivatives data from QCP Capital shows increased demand for protective BTC puts between $115,000–$118,000, while short-call covering suggests continued bullish momentum.
Whether BTC can break above $122,000–$124,000 may hinge on ETF flows and institutional buying in the coming days.
