Bitcoin experienced a surge in price, reaching close to $60,000 after the release of CPI numbers. However, this upward momentum was short-lived as the cryptocurrency retraced by over two thousand dollars. The market has been highly volatile, with the asset’s price moving dramatically in a matter of hours.
While Bitcoin has been on a rollercoaster ride, most altcoins have remained relatively sluggish on a daily scale. Some altcoins, such as BONK, RNDR, BRETT, PEPE, and WIF, have been particularly hard hit, experiencing significant losses. The total crypto market cap has also seen a decrease, dropping to $2.220 trillion.
The recent US CPI numbers had a significant impact on the cryptocurrency market. Following the release of the data, there was an immediate price surge in Bitcoin, pushing it to a multi-day peak of $59,500. However, this surge was short-lived, as the bears quickly regained control and drove the price south once again.
As of now, Bitcoin is trading just above $57,000, with a market cap of under $1.130 trillion. Its dominance over the altcoins is below 51% on CG, indicating a shift in market dynamics. The cryptocurrency has been struggling to maintain its position above $58,000, facing resistance at higher levels.
Most altcoins followed a similar trajectory to Bitcoin after the CPI numbers were released, experiencing price fluctuations but ultimately stabilizing around their previous levels. While some altcoins like ETH, BNB, SOL, DOGE, XRP, and SHIB are slightly in the red, others such as AVAX, TRX, TON, DOT, and ADA are showing minor gains on a daily scale.
Among the mid-cap altcoins, the biggest losers are BONK (-11%), RNDR (-9%), BRETT (-7%), AKT (-7%), and STRK (-7%). These altcoins have seen a significant decline in price, reflecting the overall market volatility and uncertainty.
The cryptocurrency market has been characterized by extreme volatility in recent days, with Bitcoin and altcoins experiencing sharp price movements in response to external factors like the US CPI numbers. While some altcoins have managed to weather the storm and even show gains, others have suffered significant losses. Investors should exercise caution and closely monitor the market to navigate these turbulent times.
Leave a Reply