Bitcoin’s price faced enhanced volatility after the latest CPI data from the US but has managed to register impressive gains and now sits above $58,000.
Most altcoins have followed suit, with BNB and ADA charting 5-6% daily increases to over $540 and $0.35, respectively.
BTC North of $58K
Bitcoin’s weekend was somewhat sluggish as the asset had fallen below $53,000 on Friday but stood primarily above $54,000 on Saturday and Sunday. The beginning of the new business week started with a minor increase toward $55,000 before the asset exploded to over $58,000 later on.
After failing to overcome that level twice by Wednesday, it slumped hard to $55,500 after the US CPI numbers came out. They hold particular significance for investors as the next FOMC meeting is scheduled to take place next week and the Fed is expected to cut the interest rates by 25 basis points.
BTC reacted badly to the news at first as it dumped from $57,000 to $55,500. However, the bulls regrouped and initiated a notable leg up in the following hours that pushed bitcoin to an 8-day peak of almost $58,500 earlier today.
Despite failing to conquer that level yet, BTC is still more than 3% up on the day. Its market cap has jumped to $1.150 trillion, while its dominance over the alts is up to 53.9% on CG.
Bitcoin/Price/Chart 12.09.2024. Source: TradingView BNB, ADA on a Roll
Almost the entire altcoin field is in the green today. ETH, SOL, XRP, DOGE, TRX, and SHIB have charted minor gains, but ADA and BNB have surged by 6%. As a result, Cardano’s native token stands at $0.35, while Binance Coin is close to $545.
Other impressive gainers from the larger-cap alts include NEAR (7.5%), KAS (5%), FET (5%), and STX (6%). SUI has emerged as the top performer by surging with over 15%. Consequently, SUI now trades above $1.
The total crypto market cap has added over $35 billion since yesterday and is now close to $2.140.
Cryptocurrency Market Overview. Source: QuantifyCrypto
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