BTC Eyes $20K After Dropping to 3-Week Low Amid CPI-Induced Volatility (Market Watch)
The crypto market cap briefly dipped below $900 billion yesterday, but today’s gains have helped it reclaim that line.
Bitcoin went through a rollercoaster of a trading day, dumping to just over $18,000 before shooting back up to $20,000.
Most altcoins are well in the green on a daily scale, with multiple impressive gains from the likes of Ripple, MATIC, and UNI.
Bitcoin’s Volatility Is Back
The primary cryptocurrency was sitting quietly in a tight range between $19,000 and $20,000 for several days in a row. However, there were expectations that this trend will change yesterday when the US announced its latest CPI numbers.
Once the figures came out, clocking the YoY inflation at 8.2%, BTC indeed reacted with enhanced price movements. In a matter of minutes, the cryptocurrency dropped below $18,200 to mark a new local low.
Hours later, though, it went on the offensive and skyrocketed by almost $2,000. As such, it touched $20,000 for the first time in over a week. Nevertheless, the bears intercepted this move and pushed the asset south once more. As of now, bitcoin stands at around $19,500 once more.
Its market capitalization is back at $375 billion, and its dominance over the altcoins is north of 40% for the first time in weeks.
Altcoins See Green Once More
The alternative coins experienced similar volatility yesterday, but most are well in the green now on a daily scale.
Ethereum had dropped to and below $1,200 following the CPI announcement, but a 3.5% increase has pushed ETH back above $1,300. Cardano was among the poorest performers yesterday but has recovered some ground and now trades close to $0.4.
Binance Coin, Tron, and Dogecoin have increased by up to 5% in a day. More gains come from Ripple (9%), Solana (5.5%), Polkadot (5.3%), Shiba Inu (7.3%), Avalanche (6.7%), and MATIC (10%).
Following the latest funding round, Uniswap’s native token has soared by 13% and is well above $6.
The cumulative market cap of all crypto assets slipped below $900 billion briefly yesterday. However, the metric has bounced back up and is now at $935 billion.