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In Thursday’s trading, major cryptocurrencies were trading higher as new inflation statistics supported investor views that the Federal Reserve has stopped hiking interest rates.

Meanwhile, a drop in US retail sales in October after months of strong gains indicated a weakening economy and reinforced thoughts that the Fed is done raising interest rates.

After a major liquidation of leveraged positions totaling roughly $100 million for the day, Bitcoin (BTC) is up 5%, trading around $37,700. The market recovery is gaining traction, fueled by aggressive purchasing and macroeconomic considerations, as US inflation and retail data reinforce the Federal Reserve’s easing cycle narrative.

Bitcoin has increased by more than 5% in the last day, hitting a trading value of almost $37,500. Even in the lack of any updates from the US SEC regarding Bitcoin Spot ETF applications, this rise continues.

Other popular altcoins, such as Solana and Avalanche, gained 13% and 25%, respectively. BNB, XRP, Cardano, Dogecoin, Toncoin, and Polkadot all increased by 2-6%.

The market capitalization of Bitcoin, the world’s largest cryptocurrency, has risen to $730 billion in the last 24 hours. According to CoinMarketCap, Bitcoin presently has a 51.06% market share. BTC volume increased 21.76% in the last 24 hours to $28.3 billion.

Bitcoin has successfully maintained its support at $35,000 and is on its way to $38,000. If this level is breached in the following weeks, $40,000 becomes a possibility. If Bitcoin maintains its current price range, several altcoins will be able to catch up and push the overall crypto market cap past $1.5 trillion.