Bitcoin’s price surged by nearly $2,000 in just one day, driven by the release of better-than-expected core PPI numbers in the United States. The leading cryptocurrency experienced a positive end to the previous business week, reaching almost $63,000 on Friday. This marked a significant recovery of over $13,000 since its drop to a 6-month low of under $50,000 earlier in the week. However, the upward momentum was short-lived as bears entered the market and caused Bitcoin to lose traction over the weekend, dropping to below $58,000 on Monday.
Bitcoin began to regain value on Tuesday afternoon following the release of the core PPI numbers for July, which showed a smaller-than-expected increase. This data led to speculation that the Federal Reserve may cut rates sooner rather than later, prompting a positive market response. BTC briefly surpassed $61,000 late at night but has since retraced to just below that level. Its market capitalization has risen to $1.2 trillion on CoinGecko, with its dominance over altcoins reaching close to 54%.
Several altcoins also saw significant gains within the same timeframe, with TON leading the pack by jumping to over $6.7. Ethereum climbed by almost 4% and now trades comfortably above $2,700. Other altcoins such as BNB, SOL, XRP, DOGE, ADA, TRX, AVAX, and SHIB also experienced minor gains. Toncoin stood out as the top performer of the day, rising by 7.5% to trade near $6.8. Large-cap altcoins like UNI, NEAR, STX, and APT also posted notable gains.
The total cryptocurrency market cap increased by $60 billion overnight, reaching $2.235 trillion on CoinGecko. This surge in market capitalization indicates growing investor interest and confidence in the overall crypto market. As Bitcoin and altcoins continue to show resilience and upward momentum, the outlook for the cryptocurrency market remains positive in the near term.
Bitcoin’s price surge following the release of positive core PPI numbers reflects the market’s sensitivity to economic data and its impact on asset valuations. The broader cryptocurrency market has also responded positively, with altcoins posting gains and the total market cap expanding. Despite short-term fluctuations, the overall trend suggests growing investor confidence and market resilience in the face of economic uncertainty.
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