The cryptocurrency market displayed strong bullish momentum on Thursday, shrugging off hotter-than-expected US inflation data for January.

Bitcoin (BTC) regained ground above $96,000, while Ethereum (ETH), XRP, and Solana (SOL) traded firmly in the green.

Despite a higher-than-expected US Consumer Price Index (CPI) reading of 3% year-over-year for January, the global cryptocurrency market cap rose around 3% to reach $3.22 trillion.

The total market trading volume during this period reached $129.39 billion, reflecting a notable 22.64% rise.

Bitcoin’s price climbed 1% in the past 24 hours, reaching $96,535.39, with an intraday range of $94,101.20 to $98,151.03.

Bitcoin’s market dominance slipped by 0.64% to 59.82%, despite the overall positive trend in the crypto market.

Several US states, including Texas, Pennsylvania, and Ohio, are pushing proposals to invest public funds in cryptocurrencies or establish state-level bitcoin reserves.

Asset manager VanEck analysed 20 state bills related to Bitcoin reserves and estimated that, if implemented, they could lead to $23 billion in bitcoin purchases, equivalent to approximately 242,700 BTC.

Ethereum’s price surged 4%, trading at $2,708.49  after touching a low of $2,551.17 and a high of $2,794.87 during the day.

Positive sentiment around ETH was bolstered following news that the CBOE BZX Exchange filed a proposal on behalf of asset manager 21Shares to introduce staking to its spot Ether exchange-traded fund (ETF).

If approved, 21Shares would become the first to incorporate Ether staking in a spot ETF product.

According to the filing, 21Shares will ensure sufficient liquidity within the trust to meet redemption requests.

The proposal also clarified that the ETF would not advertise itself as offering staking services or guaranteeing specific returns.

XRP also mirrored the bullish market trend.

XRP gained nearly 2.5% to trade at $2.48, with an intraday range of $2.35 to $2.49.

XRP investors are eyeing the SEC’s crucial closed-door meeting today for cues regarding Ripple’s case.

SOL, on the other hand, was mostly flat. The SOL price was up 0.05% to $195.36, trading within a range of $189.61 to $198.45.

PancakeSwap (CAKE) leads the top gainers with a massive 57.18% surge in the last 24 hours, now trading at $3.01.

Sonic (S) followed with a 16.75% rise, reaching $0.5474.

Jito (JTO) saw a 14.22% increase, currently valued at $3.03.

Lido DAO (LDO) recorded a 12.87% gain, trading at $1.75, while BNB (BNB) rounded out the top gainers with an 11.94% increase, now priced at $704.16.

Bitget Token (BGB) leads the losers with a notable 8.30% drop in the last 24 hours, bringing its price down to $5.77.

MANTRA (OM) followed with a 3.10% decrease, now trading at $5.73.

FTX Token (FTT) saw a 2.85% decline, currently priced at $2.03.

DeXe (DEXE) experienced a 2.70% dip, reaching $18.16, while Raydium (RAY) recorded a slight decrease of 0.85%, now valued at $5.17.

USDC has seen a negligible decrease of 0.01% in the last 24 hours, currently trading at $0.9998.

TRON has climbed by 1.28% over the past day, reaching a price of $0.2404.

Uniswap has surged by 5.49% in the last 24 hours and is currently valued at $9.86.

VeChain has increased by 4.88% over the past day, trading at $0.03477.

Worldcoin has seen a 2.89% rise in the past 24 hours, now priced at $1.27. Zcash has inched up by 1.86% over the last day, currently at $32.87.

Trust Wallet Token has jumped by 5.81% in the last 24 hours, reaching a price of $0.9625.

Zilliqa has climbed by 4.99% over the past day and is currently valued at $0.01526.

Waves has skyrocketed by 22.89% in the last 24 hours, reaching a price of $1.80.

yearn.finance has increased by 4.10% over the past day, trading at $6,005.21.

Verge (XVG) has climbed by 9.10% over the past 24 hours, currently trading at $0.007014.

xMoney (UTK) has seen a slight increase of 0.09% in the last 24 hours, reaching a price of $0.06141.

Wanchain (WAN) has risen by 6.27% over the past day and is now valued at $0.1548.

WazirX (WRX) has slumped by 10.12% in the last 24 hours, reaching a price of $0.02378.

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