Cryptocurrency markets experienced a moderate upswing on Friday, October 24, following the release of key U.S. inflation data showing that the annual Consumer Price Index (CPI) increased to 3% in September, marking the highest rate since January. This development has solidified expectations that the Federal Reserve may implement interest rate cuts at its upcoming meeting.
Bitcoin (BTC) led the charge with a 2% gain, briefly surpassing the $111,500 mark before retreating slightly. The total capitalization of the crypto sector also benefited, climbing 1.5% to about $3.85 trillion, according to data from CoinGecko.
Ethereum (ETH) outperformed slightly, rising 2.6% to trade near $3,973, while Binance Coin (BNB) saw a 2.8% increase, consolidating after a notable spike the previous day following news that Binance founder Changpeng Zhao was granted a U.S. presidential pardon. Ripple’s XRP saw robust movement with a 4% gain to $2.50, continuing a near 10% lift over the week.
Other major cryptocurrencies showed modest gains: Solana (SOL) and Dogecoin (DOGE) each edged up just over 1%. Across the top 100 cryptocurrencies by market capitalization, most advanced between 1% and 3%, partially recovering from earlier declines amid continued geopolitical tensions and concerns over potential trade conflicts.
On the analytical front, Glassnode highlighted Bitcoin’s Relative Unrealized Loss—a metric that gauges the proportion of BTC currently held at a loss in U.S. dollar terms—remains under 5%. This low figure suggests sustained underlying strength in the current bull market, which has maintained this pattern consistently since November 2023, indicating durability compared to similar phases in prior cycles.
Among notable movers, ChainOpera AI (COAI) surged 21%, with privacy coin Zcash (ZEC) gaining 14%. Conversely, TRON (TRX) and MemeCore (M) experienced losses of 3.2% and 2.4%, respectively.
Data from Coinglass showed $246 million in leveraged positions were liquidated within 24 hours, split between $153.5 million in short positions and $92.6 million in long positions. Ethereum accounted for the largest single asset liquidation at $72.3 million, followed by Bitcoin at $61.3 million, with altcoins comprising the remaining $19.5 million.
Meanwhile, exchange-traded funds (ETFs) reflected mixed flows on Thursday: spot Bitcoin ETFs recorded $20.33 million in net inflows, while spot Ethereum ETFs saw outflows of $127.5 million, as reported by SoSoValue. Glassnode analysts have noted that Bitcoin ETF outflows frequently align with local market lows and that stabilization or inflow increases often signal the beginning of renewed buying interest.
From a macroeconomic perspective, September’s CPI data—published after the recent U.S. government shutdown—showed inflation rising by 3% year-over-year, slightly higher than August’s 2.9% and above economists’ expectations for a 0.4% monthly increase, with actual monthly growth coming in at 0.3%. Core inflation, excluding food and energy, rose 0.2% for the month and 3% annually, marginally below forecasts.
Market analysts at Bitfinex pointed out ongoing liquidity challenges, with short-term funding strains and bank reliance on Federal Reserve repo facilities possibly increasing volatility following the CPI report.
Nic Puckrin, crypto analyst and co-founder of The Coin Bureau, described the inflation data as the year’s most significant, given the lack of recent government economic updates. He noted that thinner liquidity heading into the weekend could result in heightened price movement, particularly if Bitcoin manages to break the resistance level around $116,500, potentially paving the way for new all-time highs — subject to the absence of adverse news.
