Bitcoin, Ethereum, Uniswap Gains In Correlation To Stocks
Crypto Price Today Oct 14 Latest Updates: The crypto market continues a market-wide recovery on Friday, with crypto prices including Bitcoin and Ethereum rising almost 4%. The crypto market rebounds in correlation to the U.S. stock market, with S&P 500, Dow Jones, and Nasdaq rising over 2.50%.
Bitcoin price continues its Thursday recovery after the CPI release, soaring almost 4% in the last 24 hours. While BTC still struggles to surpass the $20k level, the 24-hour low and high are $18,319 and $19,835, respectively.
The largest altcoin Ethereum rose nearly 4% to hit a high of $1,335. The ETH price is currently trading at $1,328 and the trading volume is 129%.
Among altcoins, Uniswap (UNI) rose over 12% as Uniswap Labs raises $165 million at $1.66 billion in valuation. Also, Quant (QNT) and Lido DAO (LDO) saw over 10% gains.
Meanwhile, XRP, Shiba Inu (SHIB), and Polygon (MATIC) are up over 5%. Cardano (ADA), Dogecoin (DOGE), Solana (SOL), and Avalanche (AVAX) soared nearly 3% in the last 24 hours.
Why Crypto Price Rallied Today
Both stock and crypto markets tanked on Thursday after the U.S. reported higher-than-expected CPI for September. The crypto market saw a market-wide recovery as the U.S. stock market rebounded higher. The recovery has continued today, October 14.
The crypto price today follows a 2% rebound in the global stock market as CPI data comes at 8.2%, below July’s 8.5% and August’s 8.3%. However, the core CPI has climbed to a 40-year high.
The U.S. Dollar Index (DXY) drops from 113.66 to 112.14 after the September CPI data. Influencing some gains across the crypto market.
The CME FedWatch Tool indicates a 98.2% probability of a 75 bps rate hike at the next FOMC meeting on November 2. It has increased significantly from 84.5% on October 12. Also, the probability of a 50 bps rate hike is 0% now.
What to Expect Today
While macroeconomic factors still haunt Bitcoin and Ethereum prices, social dominance is still at lower levels. Bitcoin price has also become less volatile than stocks. An increase in social dominance will gradually bring a market rally.
Moreover, bulls are still weak until Bitcoin price breaks above the psychological $20k level. It will be interesting to see if the crypto prices can hold up this rebound to confirm an upcoming rally.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.