Bitcoin’s price actions took a positive turn after the Monday night crash, and the asset tapped a weekly high of just under $98,000 earlier today.
The altcoins also posted some notable gains ahead of today’s CPI numbers in the States, which are expected to lead to massive volatility once again.
BTC Prepares for CPI
The primary cryptocurrency had a highly volatile week as it traded above $102,000 last Tuesday but headed straight south in the following days. The culmination, at least at first, came last Thursday when BTC slumped to a monthly low of $91,250.
It bounced off and recovered some ground in the following days but started to drop hard once again at the start of the current business week. As reported on Monday, the asset plunged by several grand in hours and dipped below $90,000 for the first time since November.
The bulls finally stepped up on the gas pedal at this point and didn’t allow a further decline. Just the opposite, bitcoin started to recover some ground rapidly and spiked to $96,000 yesterday. It kept climbing gradually in the early Wednesday hours and neared $98,000 for the first time in a week.
It failed there and now trades about a grand lower in anticipation of today’s CPI announcement. Still, its market cap is well above $1.9 trillion but its dominance is down to 54.6% on CG.
XRP, XLM on the Rise
The biggest gainers from the larger-cap alts are Ripple and Stellar. Both assets have gained around 10% over the past 24 hours and sit above $2.8 and $0.45, respectively. Cardano is also well in the green as it managed to reclaim the $1 level.
Other alts with minor gains today include DOGE, TON, AVAX, and LINK. In contrast, ETH, SOL, BNB, TRX, and SUI are with some losses within the same timeframe.
The total crypto market cap has recovered over $200 billion since Monday’s low and is above $3.5 trillion.
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