Ether has hugely outperformed bitcoin since both cryptocurrencies formed a bottom in June 2022. Ether’s superior gains have come as investors anticipate a major upgrade to the ethereum blockchain called “the merge.”
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Cryptocurrencies were slightly higher on Wednesday after investors shrugged off a higher-than-expected inflation report in anticipation of another key inflation indicator due to come out on Thursday.
The price of bitcoin edged higher by about 0.4% and was trading at $19,072.00, while ether rose 0.6% to $1,290.73.
The September producer price index, a gauge of final-demand wholesale prices, came in higher than expected, suggesting to investors that the Federal Reserve is likely to continue aggressively hiking rates until inflation comes down.
Bitcoin at $19,000
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