Bitcoin and Ethereum rallied, but in the near term the movements of the two largest cryptocurrencies will be decided by US inflation data, analysts believe.
Bitcoin added 1% to US$26,097 over the last 24 hours, while Ethereum gained roughly 0.6% to US$1,750.
US inflation data is set for release later and Ipek Ozkardeskaya, chief analyst at Swissquote, believes inflation will determine the short-term direction of Bitcoin.
“Soft data could bolster demand, whereas any disappointment on the topside will likely bring further selloff, targeting the US$25,000 mark,” Ozkardeskaya said.
Among some of the altcoins, XRP was up 2.7% to US$0.5292, Tron added 3% to US$0.07181 and Polygon gained 2.1% to US$0.6472.