The price of Bitcoin has increased by almost two thousand dollars since yesterday, after the release of core PPI data in the United States which was better than expected and at the same time the CPI data was also in line with expectations!
Several altcoins also showed impressive gains during the same period, with TON leading the way with a rise to over $6.7.
The major cryptocurrency ended the previous trading week on a positive note as it surged close to $63,000 on Friday. That means the asset has recovered more than $13,000 since its fall on Monday to a 6-month low below $50,000.
However, market players quickly countered the move by selling, and BTC could not sustain its gains. It lost traction over the weekend and slipped further to below $58,000 on Monday.
After more volatility on the day, Bitcoin started to gain value on Tuesday afternoon after the United States released core PPI data for July, which rose less than expected. According to Michael James, Managing Director of Equity Trading at Wedbush Securities, this suggests that the Fed may cut interest rates "sooner."
BTC hit a peak of $61,000 but has fallen slightly below that level now. BTC's market value has now risen to $1.2 trillion on Coin Marketcap, while its dominance over altcoins approaches 54%.
Most altcoins also show gains on a daily scale. Ethereum added nearly 4% in value and is now above $2,700. BNB, SOL, XRP, DOGE, ADA, TRX, AVAX, and SHIB also posted some minor gains.
Toncoin emerged as the best investor today after some positive news from Binance. TON rose by 7.5% and is now trading near $6.8. Other notable risers in the large-cap altcoin market include UNI, NEAR, STX, and APT.
The total value of the crypto market has added $60 billion over the course of yesterday and now stands at $2.235 trillion.
