Bitcoin’s price has seen a significant increase, climbing nearly $2,000 in just a day after the release of better-than-expected core PPI numbers in the United States. This surge comes on the heels of a positive end to the previous business week, where Bitcoin reached almost $63,000 on Friday. This rebound marked a recovery of over $13,000 since its recent dip to under $50,000. However, the upward momentum was short-lived as bears stepped in, causing Bitcoin to lose some ground over the weekend and dip below $58,000 on Monday.
Following some ups and downs on Monday, Bitcoin began to regain value on Tuesday afternoon after the US core PPI numbers for July were released. The numbers came in lower than expected, leading to speculation that the Federal Reserve may cut rates sooner rather than later. This news resulted in Bitcoin surpassing $61,000 late at night, although it has since retraced slightly. Despite the pullback, Bitcoin’s market cap has risen to $1.2 trillion on CoinGecko, with its dominance over altcoins approaching 54%.
In tandem with Bitcoin’s price surge, several altcoins have also experienced impressive gains within the same timeframe. TON, in particular, saw a significant jump to over $6.7, making it one of the top performers of the day. Other altcoins such as Ethereum, BNB, SOL, XRP, DOGE, ADA, TRX, AVAX, and SHIB have also posted minor gains. Toncoin’s rise of 7.5% was attributed to positive news from Binance, propelling it close to $6.8. Additionally, larger-cap altcoins like UNI, NEAR, STX, and APT have seen gains following the overnight increase in the total crypto market cap, which now stands at $2.235 trillion on CoinGecko.
Overall, the cryptocurrency market has reacted positively to the release of favorable economic indicators in the US, with Bitcoin leading the charge in price gains. Despite some volatility and retracement, the general sentiment remains bullish, with altcoins also benefiting from the increased market cap. As investors continue to monitor the evolving economic landscape, the crypto market is poised for further growth and potential opportunities for traders and enthusiasts alike.