Price analysis 8/10: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

189
SHARES
1.5k
VIEWS

The August 10 Consumer Price Index (CPI) report shows inflation rose 8.5% in July year-on-year and while that figure is lower than economists’ expectations of 8.7%, it is still high. Although inflation remains well above the Federal Reserve’s 2% target, a slight slowdown is expected as a rate hike by the Federal Reserve has started to work. This has reduced the odds of a growth of 75 basis points in the September meeting to 37.5% from 68% in the September meeting, according to data from the CME Group.

Risk assets, including the cryptocurrency market, reacted positively to the CPI print. Compared to Bitcoin (BTC), the altcoin is enjoying a strong rally. This has pulled bitcoin dominance near its yearly lows while Ether (ETH) climbed near its yearly highs.

Daily cryptocurrency market performance. Source: Coin360

According to data from CoinShares, Ether-related products have seen an inflow of $159 million over the past seven weeks. This indicates that Ether is attracting the attention of institutional investors in anticipation of the merger scheduled for September 19.

Can bitcoin and altcoins sustain higher levels? Let’s study the chart of the top-10 cryptocurrencies to find out.