Bitcoin and several altcoins have seen a significant increase in price following the release of better-than-expected core PPI numbers in the United States. This surge in value comes after a period of volatility and price fluctuations in the cryptocurrency market.
Bitcoin, the primary cryptocurrency, saw a positive end to the previous business week as it climbed to almost $63,000 on Friday. This marked a significant recovery for the asset, which had dropped to a 6-month low of under $50,000 earlier in the week. Despite this initial surge, Bitcoin faced resistance from bears and couldn’t sustain its momentum, slipping to under $58,000 on Monday.
Market Cap and Altcoin Performance
Despite the temporary setback, Bitcoin’s market cap has reached $1.2 trillion, with its dominance over other altcoins hovering around 54%. Many altcoins have also seen gains, with Ethereum rising by nearly 4% and trading above $2,700. Other altcoins such as BNB, SOL, XRP, DOGE, ADA, TRX, AVAX, and SHIB have also posted minor gains.
One altcoin that has stood out as a top performer is TON, which experienced a significant jump to over $6.7 following positive news from Binance. TON’s value has increased by 7.5% and now trades close to $6.8. Other notable gainers among larger-cap altcoins include UNI, NEAR, STX, and APT.
The total crypto market cap has added $60 billion overnight and now stands at $2.235 trillion. This increase in market cap reflects the overall bullish sentiment in the cryptocurrency market following the positive economic news from the United States.
The recent price surge in Bitcoin and altcoins can be attributed to the better-than-expected core PPI numbers released in the United States. Despite facing resistance and experiencing volatility, Bitcoin and several altcoins have managed to rebound and post significant gains. The total crypto market cap has also seen a substantial increase, signaling growing investor confidence in the cryptocurrency market.
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