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BTC 
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HYPE 
SOL 
XRP 
ZEC Core Points
Between snapshots, the CMC20 index rose 3%.
Bitcoin regained its footing above $79,000 after the release of the Consumer Price Index (CPI) report.
Ethereum led the gains in large coins, with a gain of 5%.
After the release of core CPI data, the Federal Reserve's expectation of raising interest rates is heating up.
Market interest rate expectations remain a key driver for now.
Crypto Market Comparison Chart: Bitcoin returns to the US$79,000 mark, and gains spread
Two CoinMarketCap snapshots captured market conditions at the time of the CPI report's release and later in the trading session respectively, showing a broad recovery trend. At the time of the report's release, the CMC20 index was trading at $160.79, Bitcoin was trading at $77,877, and Ethereum was trading at around $2,505.
CMC20 Index
Release: US$160
Later: US$165
Increase: +3%
Bitcoin
Release: US$77,800
Later: US$79,330
Increase: +2%
Ethereum
At release: US$2,500
Later: US$2,630
Increase: +5%
The rise is not limited to Bitcoin and Ethereum. XRP rose 4% between snaps, Solana rose 3% and Zcash rose 5%, indicating that the recovery has spread to the entire large cryptocurrency sector rather than just Bitcoin.
Why can the encryption market still rebound when the core CPI is strong?
According to previous reports, the overall CPI rose by 0.4% month-on-month in August, and the year-on-year inflation rate remained at 3.4%, both in line with market expectations. The annual core inflation rate was also in line with expectations of 2.4%, down from 2.5% in July.
Although the monthly core CPI data was slightly stronger than expected, rising to 0.3%(economists had expected 0.2%), neither the overall CPI nor the annual core inflation rate exceeded the forecast range. This data retains the market's focus on interest rates without forcing the market to materially deteriorate its long-term inflation outlook.
Interest rate expectations are higher
This divergence is also reflected in traditional markets. According to reports, the implied probability of the Fed raising interest rates during the next meeting climbed to 82% from 68% before the release. The yield on the two-year Treasury note, which is sensitive to policy interest rate expectations, rose 4.4 basis points.
The CME Fed Observation Tool shows that as of the time of writing, the market has raised the probability of a 25 basis point rate hike at the September 16 meeting to 85%, while the probability of remaining unchanged is only 15%. The shift began before the CPI data was released: the probability of a rate hike was 72% a day ago, 59% a week ago, and 48% a month ago. As a result, the August report reinforced existing hawkish re-pricing rather than triggering the change alone.
Long-term signals are relatively calm: the US dollar index is basically flat, and the ten-year bond yield has retreated after an initial rise. Traders appeared to increase the likelihood of a near-term interest rate hike, but did not price a worse long-term inflation path accordingly. That was enough to support risky assets in the first few hours after the report was released.
New CLARITY Act changes decentralized finance (DeFi) rules
Altcoins outperformed Bitcoin, and the rally spread further
Ethereum's 5% gain exceeded Bitcoin's 2% gain, and XRP, Solana and Zcash also rose simultaneously. The strong performance of high-beta assets suggests that the response to CPI this time is not simply a defensive risk aversion, but a comprehensive recovery in risk appetite.
Hyperliquid's HYPE token rose 2% to US$83.3 from US$81.5. This keeps its prices above the $77 -79 support range pointed out in pre-CPI analysis, although this single move is not enough to confirm a larger breakthrough pattern.
The next test is whether the rally can continue.
Whether Bitcoin can hold on to US$79,000 will be the primary test to test the quality of this CPI rebound. Short-term Treasury yields and the direction of the dollar are equally crucial: if both strengthen again, financial conditions will tighten ahead of the Fed meeting, challenging the rally.
