Bitcoin price went on a roller coaster ride on Friday before and after the release of August CPI data, before finally calming down around $77,000.
Ethereum took full advantage of the ride, hitting a new eight-month high before being shut down. Most large-cap assets are in the green on a 24-hour scale.
BTC’s wild 24-hour window
The leading cryptocurrency was rejected above $80,000 at the start of the business week and never returned there in the following days. On the contrary: selling pressure intensified as global economic uncertainty increased, and BTC fell to $77,600 a few days later. Its rebound attempt was halted at $79,600 twice on September 9 and 10 before the bears began another decline to below $77,000 after the PPI data was released on Thursday.
BTC managed to withstand the growing pressure and remained stable at around $77,000 heading into Friday. This is the most crucial period of the economic week as markets awaited the release of CPI data for August. Once the figures were released, which matched expectations almost perfectly, the real storm began.
Initially, BTC plunged to a multi-week low of $76,000. However, it immediately bounced back and climbed almost $4,000 to $79,800. Another rejection occurred and bitcoin fell back to its starting point at just over $77,000, where it currently stands. All eyes are on the Fed now that it has a complete picture of the situation.
Its market cap still stands at $1.55 trillion, while its alt dominance has fallen to 58.7% on CMC.
ETH saw 8-month peak
Ethereum became the main gainer yesterday during the post-CPI rally. It rose from $2,440 to a new eight-month high of $2,670 before being stopped and pushed south to just over $2,500 at present. Nonetheless, it is still up 3% on the day, similar to BNB, which sits above $730. XRP remains well below $1.40 even after a 2% daily jump, while SOL defended $100 support.
ZEC and XMR are on the rise again, jumping 4.8% and 5.3% respectively. UNI and SKY are the other notable gainers among large-cap alternative assets, followed by XLM, BCH and LTC.
The total crypto market cap increased by 0.6% since yesterday on CMC, and it reaches $2.640 trillion.
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