Bitcoin’s price surpasses $26,000 after the release of US Consumer Price Index (CPI) data, while Solana experiences a 4% increase in its daily price. Read more on Market Watch.
Bitcoin’s price has shown some volatility in the past few days but has managed to stay above the $26,000 mark. This was despite the higher-than-expected US Consumer Price Index (CPI) numbers released yesterday. Altcoins are also experiencing a slight uptick, with Ethereum (ETH) reclaiming the $1,600 level and Ripple (XRP) nearing $0.5 once again.
BTC Above $26K After CPI Numbers
Bitcoin remained stagnant towards the end of last week and over the weekend, failing to surpass the $26,000 threshold. However, things took a turn for the worse on Monday evening when the primary cryptocurrency plummeted by over $1,000, reaching a two-month low of just under $25,000.
Fortunately, the bulls quickly jumped in and reversed the downward trend. Within minutes, BTC had recovered all its losses and was trading close to $26,000 once again.
All eyes were on the US yesterday as the country’s CPI numbers for August were released. Surprisingly, these figures were slightly higher than expected. In the past, such news has led to increased volatility for Bitcoin. However, this time, the cryptocurrency remained relatively stable and even gained a few hundred dollars. It is currently trading above $26,000, with a market cap exceeding $510 billion and a dominance of over 49% over other altcoins.
SOL Sees 4% Increase
The altcoins are also experiencing some positive movement. Ethereum has seen a 1.5% increase in value over the past day, surpassing the $1,600 mark. Other larger-cap altcoins, such as Binance Coin, Ripple, Cardano, Dogecoin, Tron, Polkadot, and MATIC, have also recorded minor gains.
Among the larger-cap altcoins, Solana (SOL) and Litecoin (LTC) have performed the best. SOL has jumped by 4%, while LTC has experienced a 3% increase in price.
Among the top 100 cryptocurrencies, Hedera Hashgraph (HBAR) has seen significant gains, soaring by over 9% to reach $0.05. On the other hand, Toncoin has experienced a slight decline of just over 2% in the past day but still maintains a price close to $1.9 after a massive surge yesterday.
The total market cap of the crypto market has increased by several billion dollars and currently sits around $1.050 trillion on CoinMarketCap.
In conclusion, Bitcoin has managed to stay above the $26,000 mark despite the higher-than-expected US CPI numbers. Altcoins, including Ethereum, Ripple, and Solana, have also experienced some positive movement in the market. The total crypto market cap has continued to grow, demonstrating the resilience and potential of the cryptocurrency industry.
Cryptocurrency charts by TradingView.
Disclaimer: The information provided is based on the opinions of the quoted writers and does not represent the views of CryptoPotato. Readers are advised to conduct their own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.