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.
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, 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.
The post PEPE Explodes by 16% Daily, Bitcoin Price Calms at $83K After CPI Data (Market Watch) appeared first on CryptoPotato.
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