Bitcoin’s price went on a rollercoaster ride on Friday before and after the release of the August CPI data, before it finally calmed at around $77,000. Ethereum rode the ride to the fullest,
Bitcoin’s price went on a rollercoaster ride on Friday before and after the release of the August CPI data, before it finally calmed at around $77,000.
Ethereum rode the ride to the fullest, skyrocketing to a new eight-month high before it was stopped. Most larger-cap alts are in the green on a 24-hour scale.
The primary cryptocurrency was rejected at over $80,000 at the start of the business week and never made it back there in the following days. Just the opposite: the selling pressure mounted as global economic uncertainty grew, and BTC dipped to $77,600 just a few days later. Its rebound attempt was halted at $79,600 twice on September 9 and 10 before the bears initiated another leg down to under $77,000 after the release of the PPI data on Thursday.
BTC managed to withstand the intensifying pressure and remained sideways at around $77,000 as Friday approached. This was the most pivotal part of the economic week as the markets expected the release of the CPI data for August. Once the numbers went live, which actually matched expectations almost perfectly, the real storm began.
At first, BTC plunged to a multi-week low of $76,000. However, it bounced off immediately and skyrocketed by nearly $4,000 to $79,800. Another rejection took place, and bitcoin slumped to its starting point at just over $77,000, where it currently stands. All eyes are on the Fed now that it has the full picture.
Its market cap stands still at $1.550 trillion, while its dominance over the alts is down to 58.7% on CMC.
BTCUSD September 12. Source: TradingView Ethereum emerged as the top gainer yesterday during the post-CPI rally. It skyrocketed from $2,440 to a new eight-month high at $2,670 before it was stopped and driven south to just over $2,500 as of now. Nevertheless, it’s still 3% up on the day, similar to BNB, which sits above $730. XRP remains well below $1.40 even after a 2% daily jump, while SOL has defended the $100 support.
ZEC and XMR are on the rise again, jumping by 4.8% and 5.3%, respectively. UNI and SKY are the other notable gainers from the large-cap alts, followed by XLM, BCH, and LTC.
The total crypto market cap has increased by 0.6% since yesterday on CMC, and it’s up to $2.640 trillion.
Cryptocurrency Market Overview September 12. Source: QuantifyCrypto
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