After the CPI report in August, the market was very flat, with Sol and Doge breaking the trend.
The crypto market today is flat for most of September 11th, holding recent profits, and its total market capitalization is still above $4 trillion after the release of fresh inflation data in the latest US. The August Consumer Price Index (CPI) report strengthened expectations that the Federal Reserve will cut interest rates at the next policy meeting set for next week.
Bitcoin (BTC) has grown by about $114,400, a 0.5% increase and a 3.4% weekly over the last 24 hours, while Ethereum (ETH) is still around $4,400, flattening in daily and weekly time frames.
With the exception of Solana (Sol) and Dogecoin (Doge), most other large Altcoins follow the trend. Both of these are up about 2% today. Sol has surpassed the $220 mark for the first time since February. It currently trades around $226, with weekly profits exceeding 9%.
Doge is up 15% a week, backed by news that the first Dogecoin Exchange-Traded Fund (ETF) in the US is due to be released today.
XRP is stable at $3, flat on the day, up about 5.6% per week.
Coinglass ‘Altcoin Season Index data shows a score of 78 out of 100. This is the highest level since December 2024 and continues to shift interest from BTC to Altcoins.
In Defiant’s commentary, Chiliz’s Chief Strategy Officer Max Rabinovitch feels the current trend is very different from Memecoin Frenzy in late 2024, and this time it appears that Altcoins’ momentum appears to be linked to a “deeper” factor.
“What stands out is how this feels with the Memocoin frenzy in late 2024. This time, the momentum appears to be linked to something deeper: whether it promotes a sense of community through digital assets or allows for real interactions across digital and physical spaces,” Rabinovic said.
As for ETFs, according to SOSOValue, Spot Ethereum ETFS won $171.5 million in net cash on Wednesday, September 10th.
Liquidation and macros
Over the past 24 hours, approximately $275 million in leveraged positions have been settled. Ethereum led the way in a liquidation of nearly $92.5 million, followed by $39 million in Bitcoin, while other Altcoins collectively saw $32 million, Coinglas data shows.
Product Price Index (PPI) data for yesterday August was lower than expected. The August CPI report released today showed a 2.9% increase from the previous year, speeding up from the 2.7% pace in July, reducing in line with economists’ forecasts. CPIs show changes in the prices consumers pay for goods and services, and are a measure of inflation.
Though still exceeds the Fed’s 2% target, traders largely hope that the Fed will provide fee cuts at next week’s policy meeting in response to soft labor market signs, the Wall Street Journal reported today.