Yesterday’s CPI announcement caused a shift in market volatility that affected cryptocurrencies, but unlike most predictions, the movement was not as anticipated; it went in the opposite direction.
Rather than dropping again like at the beginning of the work week, Bitcoin‘s price instead moved upward, reached a new peak for the week, but then halted its ascent.
Briefly Exceeding $100K
This week’s business opening saw a dramatic drop in the main cryptocurrency from approximately $96,000 to less than $90,000 within hours. Remarkably, it reached its lowest point at $89,250 on Bitstamp, marking the first time since November that this price level was attained.
Initially, as doubts about the authenticity of the bull run emerged within the community, Bitcoin unexpectedly surged, reaching an all-time high of $97,000 by Tuesday. However, it paused briefly before Wednesday’s announcement regarding the CPI figures. As soon as these figures were released, Bitcoin swiftly increased again.
In a matter of minutes, the value of the asset increased from approximately $97,000 to $98,500 and continued to rise nearly to $101,000. Following this weekly peak, however, it began to lose some pace and is now around $2,000 lower in value.
On the cryptocurrency exchange known as CG, its market value has surged to an impressive $1.960 trillion; however, its commanding presence compared to the alternative cryptocurrencies has diminished slightly, currently standing at 54.3%.
Alts See Green Again
The bigger alternative cryptocurrencies have been maintaining their upward trend. Ethereum surpassed $3,300 after dipping below $3,000 on Monday. Dogecoin has now moved above $0.37, while Avalanche is just shy of $40, TRON is close to $0.25, and Chainlink is over $21.
Amongst the well-established alternatives, XRP, SOL, and HBAR have made particularly noteworthy progress. Remarkably, VIRTUAL has skyrocketed the most from the top 100 alts, experiencing a massive 28% surge within a single day. Not far behind, XDC has seen an impressive increase of 17%, and LTC trails closely with a gain of 15%.
As a crypto investor, I’ve noticed an exciting surge in the market. Currently, the total value of all cryptocurrencies combined exceeds $3.6 trillion. That’s a significant increase of over $300 billion compared to the levels we saw just a few days ago. It’s a testament to the resilience and growth potential of this dynamic market.
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2025-01-16 17:22