Crypto stages recovery: BTC breaks $114k, ETH tops $4.4k; US CPI data eyed

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Cryptocurrency markets surged on Thursday as Bitcoin (BTC) broke above $114,000 and Ethereum (ETH) crossed $4,400, boosted by cooler-than-expected US inflation data that strengthened hopes for a Federal Reserve rate cut. The rally was supported by strong institutional and stablecoin inflows, helping Bitcoin maintain its gains, though altcoins showed mixed performance, according to analysts.

 

The total crypto market cap is just under $4 trillion, with traders watching closely for Thursday’s Consumer Price Index (CPI) report and the Fed’s upcoming rate decision. Softer wholesale inflation, as indicated by the latest Producer Price Index (PPI), analysts said, is improving the macro backdrop and could drive further inflows into crypto if the trend continues.

 

At last check, Bitcoin was trading at around $114,148, up 2.39 per cent, with a 24-hour trading volume of $56.31 billion, according to data from CoinMarketCap. The bellwether cryptocurrency fluctuated between $111,396 and $114,435 during the same period. Bitcoin’s market capitalisation stood at approximately $2.44 trillion, maintaining its position as the most valuable digital asset.

 

According to Shivam Thakral, CEO of BuyUcoin, Bitcoin pushed higher after softer US producer price data gave traders more confidence that the Fed could move toward rate cuts sooner. With easier monetary policy seen as pumping more money into markets, Thakral believes crypto is once again leading the charge among risk assets.  ALSO READ | India takes cautious approach on cryptocurrencies, RBI cites concerns

  Further, Bitcoin spot ETFs recorded one of their largest single-day inflows at around $741 million, while Ethereum ETFs added $171.5 million, reflecting growing investor confidence.

 

Riya Sehgal, research analyst at Delta Exchange, said that softer US inflation data, with August PPI declining by 0.1 per cent, has reinforced expectations of Fed rate cuts, supporting bullish momentum across crypto markets.

 

From a technical standpoint, Sehgal believes Bitcoin has support around $112,500–$113,000, with resistance near $115,000–$115,500. "Bitcoin dominance hovering around 57–58 per cent will be a key indicator. A drop below 57 per cent may confirm sustained altcoin rotation, while a rebound above 58 per cent could signal a shift back to BTC," said Sehgal.

 

Ethereum, on the other hand, also showed recovery and was holding above the $4,400 mark. At last check, ETH was trading at $4,429, up 2.88 per cent, with a 24-hour trading volume of $40.55 billion. The market cap of Ethereum stood at $534.53 billion, cementing its position as the second-largest cryptocurrency in the world.

 

For Ethereum, Sehgal believes support lies at $4,300, with resistance expected near $4,450. 

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In the altcoin space, Mantle (MNT) emerged as the top gainer of the day with a rally of 23 per cent on CoinMarketCap. Among others, PUMP (PUMP), Avalanche (AVAX), Pendle (PENDLE), Lido DAO (LDO), Ethereum Name Service (ENS), Dogecoin (DOGE), Sei (SEI), Bittensor (TAO), Sky (SKY), Fartcoin (FARTCOIN), Stacks (STX), Arbitrum (ARB), and Immutable (IMX) were other gainers, rising up to 10 per cent.

 

Conversely, Worldcoin (WLD), Pyth Network (PYTH), Four (FORM), Ethena (ENA), Virtuals Protocol (VIRTUAL), World Liberty Financial (WLFI), MYX Finance (MYX), and XDC Network (XDC) were the top laggards of the day, falling up to 9 per cent.

 

Elsewhere, Litecoin whales accumulated over 1,000 LTC in a day, while Grayscale’s ETF application and MEI Pharma’s $100 million LTC allocation in its treasury have caused a jump in its price, according to the CoinDCX research team. Meanwhile, the SEC has delayed its decision on Franklin Templeton’s XRP and SOL ETFs, with a new deadline set for November 14. On another front, Chainlink’s Data Streams are now live on Sei, providing real-time data feeds for US equities, GDP, and 300+ assets to power institutional-grade markets.