Bitcoin’s Price Update

Bitcoin’s price reacted in a volatile manner to the CPI announcement yesterday, exceeding $84,000 before dropping below $81,000 minutes later. Currently, however, the asset stands above $83,000.

Altcoin Gains

Many altcoins produced impressive gains over the past 24 hours, contributing to a recovery in the market cap to $2.8 trillion.

BTC at $83K

Less than a week ago, BTC’s price soared past $90,000, reaching $91,000, only to be rejected and fall back to $86,000 by the weekend.

The price worsened at the start of the week, dropping to $80,000 on Monday. After a $4,000 bounce, bears pushed BTC below $77,000, marking its lowest level in four months. Subsequently, Bitcoin reacted positively, surpassing $80,000 the following day. Following the release of favorable US CPI data, Bitcoin peaked beyond $84,000. However, this surge was short-lived, as the asset quickly declined by $3,000.

Fortunately, the bulls took control again, pushing BTC to over $83,000, where it currently sits. Its market cap stands at $1.650 trillion, with a 59% dominance over altcoins on CG.

PEPE on the Rise

Pepe and other meme coins suffered severely during the recent market-wide crash, with prices plummeting over 50% in weeks. The last 24 hours have brought some positivity, with a 16% increase that placed Pepe above $0.0000073.

Other notable gainers among larger-cap altcoins include BNB, XLM, and AVAX, with Avalanche’s native token trading above $19.

While ETH, XRP, SOL, DOGE, LINK, TRX, LTC, and SUI show moderate gains, the total crypto market cap has recovered approximately $60 billion since yesterday’s low, reaching $2.8 trillion on CG.