The cryptocurrency market is going up: Bitcoin and Ethereum added 12% and 14% each

Today's economic news was expected by traders and cryptocurrency investors, and, as the movement of bitcoin showed, it was not in vain. The US reported on the consumer price index. Experts predicted 6.5%, and in case of meeting or exceeding this mark, the dollar should have shown weakness, which means that bitcoin would look stronger.

And so it happened. The experts were right on target and the predicted 6.5% turned out to be exactly in the waiting area, no more, no less. Consequently, traders and investors began to redirect their funds more from fiat positions to the main digital asset, which stimulated short-term rapid growth.

In a couple of hours after the information was released, BTC added $900 to its value, going from $18,000 to $18,900. Thus, the main digital asset immediately added 5% and has been at this level for almost 4 hours.

Over the past week, Bitcoin has come a long way up. If as of January 6, it was estimated at $16,850, now the price tag has reached $18,850, which is 12% more.

A positive trend was also noticed for the main altcoin. Ethereum practically repeats the movement of bitcoin. If BTC gained 12% in value over the last one, then ETH, in turn, was able to show a more rapid growth. A week ago, one Ethereum was valued at $1,252, and today this value is $1,425, which is 14% more than before.

Before the start of 2023 and at the beginning of it, many experts did not stop discussing the direction in which the cryptocurrency market will go. Some analysts said that we will see the continuation of the bearish trend all this year, while other experts were confident in the beginning of the upcoming bullish cycle.

So far, we can see that everything looks like the beginning of a new bull run, but it is possible that in this way institutional investors are collecting liquidity in order to crash the market even lower.