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Ethereum back in price discovery as ETH approaches $5K
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Ethereum blockchain’s native asset, Ether (ETH), touched a new record high on Nov. 8, supported by a rally across the top cryptocurrencies ahead of a key United Stat inflation report this week.
ETH’s price rose by 3.30% in the past 24 hours to $4,770 for the first time in it history as Bitcoin (BTC) reclaimed $66,000, demonstrating the strong positive correlation between the two digital assets.
Wall Street economists anticipated the U.S. Consumer Price Index to rise to 5.8% in October ahead of the Bureau of Labor Statistics’ inflation report on Wednesday. That would log a step up from the 5.4% tempo recorded in September, the highest since 1990.
Additionally, consensus forecasts observed by Bloomberg suggested that the U.S. consumer prices
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