Bitcoin Sees Notable Rally Following Strong Core PPI Data in the U.S.
The price of Bitcoin has surged by almost $2,000 in just one day, thanks to the release of core PPI data exceeding expectations in the United States. This upward movement has also positively impacted various altcoins, with TON standing out by gaining over 7%, trading at more than $6.7.
BTC has displayed significant volatility recently, fluctuating from below $50,000 to nearly $63,000 on Friday. Despite facing a setback and dropping to under $58,000 on Monday, the positive core PPI data from the U.S. acted as a catalyst for Bitcoin’s recovery, with experts foreseeing potential Fed rate cuts.
Wedbush Securities’ Managing Director of Equity Trading, Michael James, suggests that the latest PPI figures hint at possible earlier rate adjustments by the Fed, which has boosted Bitcoin’s value, propelling it beyond $61,000. Even though a slight decline has followed, Bitcoin’s market cap has now reached $1.2 trillion, maintaining dominance at approximately 54% over other altcoins.
Amidst Bitcoin’s rise, altcoins like Ethereum, BNB, SOL, XRP, DOGE, ADA, TRX, AVAX, and SHIB have all seen moderate gains. Notably, TON has led the gains, with a 7.5% surge, trading near $6.8. Overall, the total crypto market cap surged by $60 billion overnight, reaching $2.235 trillion.
The positive market developments underscore the increasing impact of external factors on cryptocurrency price fluctuations. While these shifts offer investment opportunities, it is crucial for investors to conduct comprehensive research and exercise caution when navigating the volatile crypto market.
