Bitcoin Price and Ethereum Prediction; US PPI Figures to Drive Market Sentiment
The upward channel triggered a rebound in Bitcoin price above the $16,740 level on December 09, and it is now trading above the $17,200 level. Similarly, Ethereum has risen above the $1,280 level ahead of the US PPI figures, which are regarded as the most important economic event.
On December 9, major cryptocurrencies traded in the green, with the global crypto market capitalization rising 2.42% to $859.97 billion in the previous day. Over the last 24 hours, overall crypto market volume grew 1.75% to $37.47 billion.
Let's take a look at the top 24-hour altcoin gainers and losers.
Trust Wallet Token (TWT), Chain (XCN), and The Graph (GRT) are three of the top 100 coins that have gained value in the last 24 hours. TWT's price has risen nearly 9% to $2.65; XCN's price has risen more than 7% to $0.039; GRT's price has risen nearly 6.5%.
Three of the top 100 coins that have lost value in the last 24 hours include Synthetix (SNX), Toncoin (TON), and Axie Infinity (AXS). TON is down roughly 0.50% to $1.85, while SNX has down about 3% to trade at $1.88. At the same time, the AXS price is down more than 0.50% to $8.
The US Producer Price Index (PPI) figures will continue to be in the spotlight, as the Bureau of Labor Statistics will release them at 13:30 GMT. Annual producer price inflation in the United States fell for the fourth consecutive month in October 2022, to 8%, the lowest level since July of last year, from 8.4% in September.
Figures are in comparison to market predictions of 8.3%. In the United States, producer prices grew to 140.39 points in October, up from 140.08 points in September of 2022.
Also, investors will be paying close attention to the US FOMC and CPI numbers to figure out how the financial markets will move in
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