Bitcoin’s price has seen a significant increase in just a day, climbing nearly two thousand dollars, all thanks to the better-than-expected core PPI numbers in the United States. This surge in price has also impacted several altcoins, with TON experiencing a remarkable jump to over $6.7. Bitcoin, the leading cryptocurrency, ended the previous business week on a positive note, reaching almost $63,000 on Friday. This marked a recovery of over $13,000 from its low point earlier in the week, when it dropped to below $50,000 for the first time in six months.
Despite the initial surge, Bitcoin faced some resistance from bears as it struggled to maintain its momentum. The cryptocurrency lost some ground over the weekend, slipping to under $58,000 by Monday. However, things started to look up for Bitcoin on Tuesday afternoon following the release of the core PPI numbers for July by the US. These numbers indicated a smaller increase than anticipated, leading some experts to believe that the Federal Reserve may cut rates sooner rather than later.
Bitcoin’s rally also had a positive impact on the wider cryptocurrency market, with most altcoins turning green on a daily scale. Ethereum, for example, saw a 4% increase in value, pushing its price above $2,700. Other altcoins such as BNB, SOL, XRP, DOGE, ADA, TRX, AVAX, and SHIB also recorded minor gains. Toncoin emerged as the top performer of the day, gaining 7.5% and reaching close to $6.8. Additionally, larger-cap altcoins like UNI, NEAR, STX, and APT also experienced notable gains.
The overall cryptocurrency market saw a significant boost as well, with the total market cap increasing by $60 billion overnight to reach $2.235 trillion. Bitcoin’s market cap surged to $1.2 trillion on CG, while its dominance over other altcoins reached nearly 54%. This recent surge in prices and market capitalization signals a renewed interest and confidence in the cryptocurrency market, driven in part by positive economic indicators and investor sentiment.
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