Ethereum Shatters $2,600 Ceiling as Bitcoin and XRP Lag Behind

Ethereum's price surged past $2,600 for the first time in eight months on Friday morning, outperforming Bitcoin and other major cryptocurrencies. According to Coinbase data, Ethereum jumped more than 8% in the last 24 hours to touch $2,660.

The rally was triggered by a benign inflation reading, despite a hotter-than-expected core CPI report. The report showed that core CPI rose 0.3% month over month in August, above the 0.2% estimate.

Crypto analyst Michael van de Poppe predicted that Bitcoin is about to set new highs, stating 'the correction is over'. He attributed this outlook to the market's overly bearish sentiment and expectations for a less concerning inflation reading.