Blue-chip cryptocurrencies Bitcoin and Ethereum surged on Wednesday after softer-than-expected US producer prices data boosted hopes for benign consumer price inflation.
Ethereum, the second-largest cryptocurrency by market capitalization, gained 2.65% to $2,724.
U.S. producer prices rose by less than what had been expected.
The cost of services dropped by the most in almost one-and-a-half years, which thereby ensued early signs that businesses were gradually losing their price
power and might help underpin the stimulative hopes of an interest rate cut next month.
The crypto market moved higher as the U.S. PPI data came in lower than expected and that's bullish for the market,
The last 24 hours have seen the largest cryptocurrency, Bitcoin, reach a market capitalization of $1.202 trillion.
According to CoinMarketCap, Bitcoin's dominance now stands at 56.22%. The volume of BTC over the coming 24 hours declined by 19% to $28.8 billion.