Recent US inflation data has led to an upsurge in Bitcoin and altcoin prices. Bitcoin surged past $66,000, while altcoins also saw significant double-digit gains.
Fantom (FTM) leads the pack with a 24.2% increase in the last 24 hours, followed by Book Of Meme (BOME) with a 22.7% rise, and Sei (SEI) at third place with a 19.4% increase.
QCP Capital analysts suggest that the US CPI data was the catalyst for Bitcoin's surge, projecting a potential return to the previous all-time high of $74,000. In addition, option investors are eyeing a price range of $100,000-$120,000 by December.
The growing institutional demand for BTC, with major asset managers like Millennium and Schonfeld investing a significant portion of their assets under management in the BTC spot ETF, is further propelling the rise.
This recent surge in Bitcoin and altcoins, coupled with increasing institutional adoption, hints at a revival of the bull market. Bitcoin is currently trading at $65,976.
*Please note that this information is not intended as investment advice.