Bitcoin Stabilizes at $83K, Pepe Gains 16% Following CPI Data Release
Bitcoin’s price reacted to CPI data with volatility, recovering to over $83,000 after fluctuations. Pepe has surged by 16% in one day, while notable altcoins like BNB and AVAX also gained traction. The total market cap has seen a significant recovery, now at $2.8 trillion.
Bitcoin has seen considerable volatility following the recent Consumer Price Index (CPI) announcement, with its price initially exceeding $84,000 before swiftly retracting to beneath $81,000. At present, Bitcoin is maintaining a price above $83,000 as the market capitalization has rebounded to $2.8 trillion, reflecting a stable recovery in the crypto landscape.
Just a week prior, Bitcoin had surged beyond $90,000, peaking at $91,000 before experiencing significant resistance and retracting to around $86,000 throughout the weekend. The price faced further declines at the start of the business week, plunging to $80,000 on Monday and briefly dipping below $77,000, marking its lowest point in four months. Following this downturn, Bitcoin responded positively after better-than-expected US CPI data was released, momentarily breaching $84,000 before a slight decline.
Presently, Bitcoin holds a market capitalization of approximately $1.650 trillion, commanding a dominance of 59% over altcoins, indicative of the asset’s strength within the current market context. Meanwhile, the cryptocurrency “Pepe” has regained momentum after suffering substantial losses earlier, recording an impressive 16% rise over the past 24 hours, now trading above $0.0000073.
Prominent altcoins such as BNB, XLM, and AVAX have similarly gained, with Avalanche’s native token achieving double-digit increases, trading above $19. Other cryptocurrencies including ETH, XRP, SOL, DOGE, LINK, TRX, LTC, and SUI have also experienced modest gains. Overall, the cryptocurrency market has seen a recovery of about $60 billion since yesterday’s low, enhancing the total market cap to $2.8 trillion.
In summary, Bitcoin has exhibited significant price fluctuations amid the recent CPI announcement, stabilizing above $83,000 after earlier volatility. Meanwhile, altcoins, particularly Pepe, have demonstrated notable recovery, with the overall market cap climbing back to $2.8 trillion. The current landscape reflects a combination of resilience and recovery across the cryptocurrency sector, with various assets showing positive momentum after recent downturns.
Original Source: cryptopotato.com
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