Cryptocurrency prices rose during Wednesday's trading, with Ethereum continuing its gains, approaching an all-time high, following the release of economic data that reinforced expectations of a US interest rate cut.
Bitcoin rose 0.25% to $120,048 at 12:03 p.m. Mecca time, according to Coinbase data, approaching its mid-July record high of over $123,000.
Ethereum rose 2.7% to $4,628.9, approaching its all-time high of $4,878.26 set on November 10, 2021.
This was driven by increased capital inflows into US-based Ethereum exchange-traded funds (ETFs), which attracted approximately $520 million on Tuesday.
Ripple rose slightly, 0.1%, to $3.293, and Dogecoin rose 4.86% to $24.89. Data released yesterday showed that the US inflation rate remained stable at 2.7%, lower than expectations of a rise to 2.8%. This strengthened investor expectations of a resumption of interest rate cuts at the next Federal Reserve meeting
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