Cryptocurrencies: Today, a good sign has been seen in the cryptocurrency market after a very long time when its total market cap has crossed $1 trillion. This is the first time since the beginning of November that the cryptocurrency market has crossed this important milestone. Short liquidation trade is being seen in the cryptocurrency market and due to this, in five out of the last six days, there has been a trade of more than $ 100 million and today the maximum short liquidation of $ 296 million is being seen.
Today, on January 14, a great jump is being seen in the price of bitcoin and with this it has gone above $ 21,000 per coin. In fact, due to favorable inflation data in the US markets, the crypto market has returned to a boom and the prices of many cryptocurrencies including bitcoin, ethereum are trading in the upper range.
What’s up with bitcoin
Today, a jump of 7.5 percent is being recorded in the price of the world’s most popular cryptocurrency bitcoin and it has crossed $ 21,229. Since 8 November 2021, it had failed to cross the $20,000 level. Since the beginning of January, there has been an increase in the price of bitcoin and today on January 14, this is the 11th consecutive day of increase in its price. Before achieving this level in January, bitcoin had been trading in the range of $16,000 to $17,000 for weeks, but now it is returning rapidly.
What is the news about Ethereum
Today, the price of the world’s second most popular cryptocurrency Ethereum is seeing a strength of 9.7 percent and it is also trading strongly for the last several days.
Status of other cryptocurrencies
A significant jump is being recorded in the prices of cryptos like Dogecoin and Cardano and they are trading in the green mark. USD Coin, Tether, BNB, Binance Coin, XRP, Polygon, Polkadot and Litecoin along with Shibu Inu’s business also remains positive.
Why is greening coming in the cryptocurrency market
In the US, the Federal Reserve is expected to adopt a moderate stance on interest rates due to the low CPI inflation based on the Consumer Price Index. It is a clear indication that the relationship between crypto and macro economic data is not going to end yet. Sentiment has become positive after a long time regarding the cryptocurrency market and the possibilities of getting more money in it are increasing, due to which the brightness of the crypto market has increased.
Read This Also:-Cryptocurrency Price.