Bitcoin’s price reacted in a volatile manner to the CPI announcement yesterday as it went beyond $84,000, only to drop beneath $81,000 minutes later. Now, though, 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 on 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.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
