Save for a few exceptions, the majority of the cryptocurrency market is starting to look brighter, and the sector’s total market capitalization is up 1.66% in the last 24 hours, led by its largest representatives, Bitcoin (BTC) and Ethereum (ETH).
Specifically, the crypto market’s total market cap currently stands at $1.05 trillion, which is far below its 2021 all-time high (ATH) but still a welcome change following a dip that nearly brought it below $1 trillion, as per the data retrieved from the crypto monitoring platform CoinMarketCap on September 14.
CPI report effect
According to the observations by the cryptocurrency and blockchain analytics platform Santiment, the positive change arrives after the release of the Consumer Price Index (CPI) report for August, recording a 3.7% increase compared to the expected 3.6%, with a core CPI reporting a +4.3% rise.
On top of that is the fact that social discussion rates of “CPI” and “inflation” are surging, but “there isn’t quite as much discussion compared to July and August,” which the platform’s analysts consider a positive thing, as they explained in an X post shared on September 13.
FTX sell-off impact
Meanwhile, fears are mounting over the expected liquidation of $3.4 billion in crypto assets held by the disgraced crypto exchange platform FTX in batches of $100-$200 million per week, exercising selling pressure on the industry and possibly preventing it from a stronger rebound.
Specifically, the pressure is the greatest on Solana (SOL), with FTX holding $685 million of it, followed by $529 million in the FTX Token (FTT), $268 million in Bitcoin, $90 million in Ethereum, $67 million in Aptos (APT), $42 million in Dogecoin (DOGE), $39 million in Polygon (MATIC), $35 million in BitDAO (BIT), and $29 million in XRP.
All things considered, time will tell whether the crypto market manages to maintain the positive momentum and follow with more significant advances to the upside, particularly as the price prediction algorithm at the crypto analytics website CoinCodex predicts a surge for Bitcoin in the following months.