Bitcoin Pushes Above $26K Following US CPI Numbers, Solana Spikes 4% Daily (Market Watch)

2023-09-14 10:13:52

Bitcoin’s price has been somewhat more volatile over the past few days but has remained above $26,000 even after the US CPI numbers from yesterday, which were higher than expected.

The altcoins are also slightly in the green, with ETH reclaiming $1,600 and XRP nearing $0.5 once again.

BTC Above $26K After CPI Numbers

Bitcoin stood still for several days at the end of last week and, expectedly, over the weekend and had failed to overcome the $26,000 line. Things changed for the worse on Monday evening when the primary cryptocurrency slumped by over a grand to a new two-month low at just under $25,000.

Nevertheless, the bulls quickly intercepted the move and pushed the asset north. In a matter of minutes, BTC had recovered all losses and was trading close to $26,000 once again.

All eyes went on the US on Wednesday. The world’s strongest economy showcased the CPI numbers for August, which were actually slightly higher than the general expectations.

On previous occasions, that has led to enhanced volatility for BTC, this wasn’t the case yesterday. Bitcoin remained relatively still and even added a few hundred dollars. As such, it trades above $26,000 as of now, its market cap is well beyond $510 billion, and its dominance over the alts is slightly over 49%.

BTCUSD. Source: TradingView## SOL Sees 4% Increase

The altcoins are also slightly in the green on a daily scale now. Ethereum has added about 1.5% of value over the past day and sits above $1,600. Binance Coin, Ripple, Cardano, Dogecoin, Tron, Polkadot, and MATIC have all seen minor gains.

Solana and Litecoin are up the most from the larger-cap alts. SOL has jumped by 4%, while LTC has pumped by 3%.

HBAR is the most substantial gainer from the top 100 cryptocurrencies, having soared by more than 9% to $0.05.

Toncoin, on the other hand, is down by just over 2% in a day but still trades close to $1.9 after yesterday’s massive surge.

The total crypto market cap has added another few billion and sits around $1.050 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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