After the plunge during Monday evening, Bitcoin‘s price trajectory improved significantly, reaching a peak of nearly $98,000 in today’s trading session, which marks a new high for this week.
Before the release of today’s CPI figures in the U.S., certain alternative cryptocurrencies experienced significant increases as well. These anticipated figures may cause another wave of market volatility upon their release.
BTC Prepares for CPI
Last Tuesday, the main cryptocurrency reached a peak over $102,000 in its trade, but it plummeted downward in the subsequent days. The most significant drop, initially, occurred on Thursday when BTC fell to a monthly minimum of $91,250.
Over the ensuing days, it regained a bit of lost ground but then took another steep decline at the beginning of the current work week. As we learned on Monday, the value of this asset dropped significantly within hours and fell below $90,000 for the first time since November.
As a crypto investor, I’m thrilled to share that the bulls have finally picked up the pace and accelerated significantly at this point. Fortunately, they didn’t let the market continue its downward trend; instead, bitcoin began an impressive recovery, skyrocketing to $96,000 yesterday. In the early hours of Wednesday, it continued its gradual climb and nearly reached $98,000 for the first time in over a week.
The asset experienced a failure at that point and currently hovers around a reduction of approximately one billion dollars, in expectation of the upcoming Consumer Price Index (CPI) announcement. Despite this, its market capitalization remains significantly high at over $1.9 trillion, but its influence has decreased to 54.6% on CoinGecko (CG).
XRP, XLM on the Rise
Among the larger alternative cryptocurrencies, Ripple and Stellar have experienced significant growth, increasing approximately 10% over the last day. Currently, Ripple’s value is above $2.8, while Stellar hovers around $0.45. Additionally, Cardano has made a comeback, reaching and surpassing the $1 mark again.
Alternatives like Dogecoin (DOGE), Toncoin (TON), Avalanche (AVAX), and Chainlink (LINK) saw minimal increases today. On the other hand, Ethereum (ETH), Solana (SOL), Binance Coin (BNB), Tron (TRX), and Suisei Network (SUI) experienced some losses within the same time period.
Since its dip on Monday, the overall value of the cryptocurrency market has rebounded by more than $200 billion and now stands at over $3.5 trillion.
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2025-01-15 13:18