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Bitcoin Surges Past $103,000 as Ethereum Climbs 51% Weekly Following Inflation Data and Network Upgrade

Softer U.S. inflation figures and Ethereum's Pectra upgrade drive crypto market gains, with heightened volatility and heavy liquidations marking the rally.

Cheering. (wdstock/ iStock/Getty Images Plus)
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dogecoin inflation Ethereum solana altcoins bitcoin Breaking Push crypto markets
Bitcoin (BTC) price on May 13 (CoinDesk)

Overview

  • Bitcoin traded above $103,000 on Tuesday, briefly nearing $105,000, as investor sentiment turned bullish following U.S. inflation data.
  • Ethereum's price surged 51% over the past week, reaching $2,700 at one point, buoyed by the successful Pectra network upgrade improving scalability and efficiency.
  • April's U.S. Consumer Price Index showed a 0.2% monthly increase and 2.3% annual inflation, raising expectations for Federal Reserve rate cuts and boosting risk-on assets.
  • Altcoins, including Solana, Dogecoin, and Shiba Inu, saw notable gains, with Solana rising over 5% and meme coins climbing nearly 4% in 24 hours.
  • On-chain activity spiked, with Bitcoin and Ethereum seeing large transaction volumes increase by 40.7% and 67.8%, respectively, alongside $603.85 million in trader liquidations over 24 hours.