Bitcoin $BTC rallied well after the release of US inflation data on Friday, jumping above $66,500 for the first time in nearly two months, before pulling back slightly.
Several altcoins also made impressive gains over the past day, led by the meme world.
The working week started on a positive note for Bitcoin, which had already gained some momentum following the US Federal Reserveâs interest rate cut on September 18. The cryptocurrency was at $63,000 over the weekend and jumped above $64,500 on Monday.
However, it was unable to hold its ground initially, and although it did rally to that level again, bears took control of the market on Thursday, pushing it down to $62,700 (on Bitstamp).
However, the apparent bullish rally was not contained, and the cryptocurrency reversed course once again. This rally was capped yesterday evening when the coin surged to $66,500 for the first time since August 1. This came after positive inflation news from the US. Although it has lost some momentum since then and now sits just below $66,000, its market cap remains above $1.3 trillion on CG. Its altcoin dominance has also increased slightly to $53.8%.
