BTC’s Price Reacts to CPI Announcement, Altcoins Experience Gains
Bitcoin’s price reacted with a volatile manner to the CPI announcement yesterday, going beyond $84,000 only to drop below $81,000 minutes later. Now, the asset stands above $83,000.
Many altcoins have produced even more impressive gains over the past 24 hours, while the market cap has recovered some ground to $2.8 trillion.
BTC at $83K
It was less than a week ago, last Friday, when BTC’s price soared past $90,000 and tapped $91,000. However, it was quickly rejected there and tumbled back down to $86,000, where it sat for most of the weekend.
The landscape worsened once again at the beginning of the current business week, with a price dump to $80,000 on Monday. After a $4,000 bounce-off, the bears took control once again and pushed BTC south to its lowest level in four months, under $77,000.
The cryptocurrency finally reacted positively after this substantial crash and jumped above $80,000 the next day. Once the US CPI data came out on Wednesday and it was better than anticipated, bitcoin soared past $84,000. However, that was short-lived, and the asset dropped by three grand almost immediately.
Nevertheless, the bulls intercepted the move and drove BTC to over $83,000, where it currently sits. Its market cap is at $1.650 trillion and its dominance over the alts has risen to 59% on CG.
PEPE on the Rise
Pepe, alongside most other meme coins, was hit very hard during the market-wide crash in the past month or so. Its price tumbled by over 50% within weeks. The past 24 hours have brought some hope to investors as the asset jumped by 16%, and it now stands above $0.0000073.
Other impressive gainers from the larger-cap alts include BNB, XLM, and AVAX. Avalanche’s native token has soared by double digits to trade above $19.
ETH, XRP, SOL, DOGE, LINK, TRX, LTC, and SUI are also in the green but in a more modest manner.
The total crypto market cap has recovered about $60 billion since yesterday’s low and is up to $2.8 trillion on CG.
Cryptocurrency Market Overview
Cryptocurrency Market Overview. Source: QuantifyCrypto
FAQs
Q: How did Bitcoin’s price react to the CPI announcement?
A: Bitcoin’s price reacted with a volatile manner, going beyond $84,000 only to drop below $81,000 minutes later, and is now above $83,000.
Q: Which altcoins have produced impressive gains over the past 24 hours?
A: Many altcoins have produced impressive gains, including PEPE, BNB, XLM, and AVAX, with PEPE jumping by 16% and AVAX’s native token soaring by double digits to trade above $19.
Q: How has the total crypto market cap changed?
A: The total crypto market cap has recovered about $60 billion since yesterday’s low and is up to $2.8 trillion on CG.
