The expected volatility after the CPI announcement yesterday indeed reached the crypto markets, but it was in the opposite direction of what many anticipated.
Instead of slumping once again as it did at the start of the business week, BTC’s price headed north and tapped a weekly high before it was stopped.
Briefly Exceeding $100K
The aforementioned start of the current business week was violent for the primary cryptocurrency as it plummeted from $96,000 to under $90,000 in hours. In fact, its bottom came at $89,250 (on Bitstamp), which became its lowest price position since November.
As the community started to question the bull run’s validity, BTC bounced off and soared to $97,000 by Tuesday. It calmed there for a bit in anticipation of the Wednesday announcement for the CPI numbers, but it shot up once they came out.
Within mere minutes, the asset went from under $97,000 to $98,500 and kept climbing to just shy of $101,000. After charting this weekly high, though, it started to lose some momentum and now sits about two grand lower.
Its market capitalization has climbed to $1.960 trillion on CG, but its dominance over the alts has taken a hit and is down to 54.3%.
Alts See Green Again
Most larger-cap alts have continued their recent run. Ethereum has jumped past $3,300 after slipping below $3,000 on Monday. DOGE is now above $0.37, while AVAX is close to $40, TRX is near $0.25, and LINK is above $21.
More impressive gains come from the likes of XRP, SOL, and HBAR from the larger-cap alts. VIRTUAL has soared the most from the top 100 alts, having surged by 28% in a day. XDC follows suit with a 17% increase, and LTC is next with 15%.
The cumulative market cap of all crypto assets is above $3.6 trillion now. This means that the metric has added more than $300 billion since the low from earlier this week.
Read the full article here