Bitcoin and Ethereum prices crumble as US releases new CPI data

Bitcoin and Ethereum jumps nearly 9% while altcoins pump harder

1st October 2021 has been a good day for the crypto markets. Almost all coins and tokens have pumped significantly, and the market sentiment has become bullish again. In fact, as Bitcoin and Ethereum jumps 9% in a day, other altcoins have seen double-digit gains, pumping even harder. This is a very common behaviour of the market where Bitcoin pumps push markets higher and dumps push them lower. All in all, Bitcoin is at a good level right now ($47.6k), and it will be interesting to see will it approach $50k again.

Bitcoin and Ethereum price action

Bitcoin and Ethereum jumps 9%
Image Source: Webull

After the US Federal Reserve chairman Jerome Powell said that they have no intention to ban crypto, things became bullish. The prices started to recover slowly, but yesterday there was a huge price jump, and we saw Bitcoin going from $45k to $47k in no time at all. All this happened after the price recovered after confirming support at $41k, which still stands to be a critical price point for Bitcoin. The sideways movement seems to have stopped for BTC right now, and we are going to see volatility from here. Volatility means we can expect wild swings as the markets have pumped quite a lot in just a day. Yesterday’s price action was also followed by a 0.32% increase in Bitcoin dominance.

Bitcoin and Ethereum jumps 9%
Image Source: Webull

At the same time, Ethereum also saw a good price jump along with Bitcoin. As the price recovered after confirming support at $2,800, we saw ETH jumping to nearly $3,000 on 30th September. And yesterday, the price increased by almost 9% and touched $3,344. After this, we saw a slight retracement, and now the movement is bullish again. Ethereum faces some resistance at $3,350 which will be an important level to clear.

Altcoins and DeFi pumping harder

The price of altcoins recovered even better as the price of Bitcoin and Ethereum rose. We have seen a price increase anywhere between 10-20% in a lot of altcoins and DeFi tokens. All this shows that market recovery is not going to take much time if Bitcoin continues to move higher, reclaiming lost supports. LINK, DOT, VET, UNI are a few of the tokens that did very well yesterday.

What are your thoughts on the market sentiment as Bitcoin and Ethereum jumps 9% in a day? And do you think today will be a good day as well? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Uzbekistan warns users to stay away from unlicensed crypto exchanges.