Bitcoin price lost several thousand dollars yesterday after the worse-than-expected US Consumer Price Index (CPI) data. However, it managed to bounce back and even hit $98,000 before stabilizing around $95,000.
Meanwhile, BNB, HYPE, and SUI emerged as some of the largest altcoins to gain today, while ETH failed to break above $2,700 despite receiving positive news.
The major cryptocurrency experienced significant volatility early last week, with moves reaching $10,000 in either direction. After that, it settled in a tighter range between $96,000 and $98,000, except for a brief surge towards $100,000 on Friday.
However, subsequent rejections pushed the price to the lower boundary of the range, where it remained throughout the weekend. The trading week started with a price surge towards $98,000 but was again blocked.
Higher volatility was expected yesterday after the release of US CPI data. As soon as the data was released and turned out to be higher than widely expected, BTC fell by two thousand in a few minutes to the $94,000 level.
However, the asset quickly rebounded and added four thousand by the Asian trading session on Thursday morning. It was again blocked at that level and is now slightly above the $96,000 level.
Bitcoin’s market cap remains above $1.9 trillion, but its dominance over altcoins has declined to 57.6%.
Ethereum surged higher this morning after CBOE filed an application for a spot staked ETH ETF on behalf of 21Shares. However, the gains were short-lived, and ETH fell back below $2,700. XRP, DOGE, ADA, LINK, AVAX, and XLM also showed slight gains in the last 24 hours.
BNB posted the biggest gains, adding 9.5% in value and now trading above $700. SUI and HYPE also posted 8% gains, reaching $3.5 and $25 respectively.
Several meme cryptocurrencies also showed impressive gains over the past day. However, the total crypto market cap remained stable at $3.3 trillion on CoinGecko.
