Bitcoin has faced increased volatility following the latest Consumer Price Index (CPI) data from the US but has managed to record significant gains, peaking above $58,000. Most altcoins have followed suit, with BNB and ADA charting 5-6% daily increases.
BTC North of $58K
Bitcoin’s weekend was somewhat sluggish as the asset had fallen below $53,000 on Friday but stood primarily above $54,000 on Saturday and Sunday. The beginning of the new business week started with a minor increase toward $55,000 before the asset surged to over $58,000 later on. Despite failing to overcome that level twice by Wednesday, it slumped to $55,500 after the US CPI numbers were released. These hold particular significance for investors as the next FOMC meeting is scheduled to take place next week, and the Fed is expected to cut the interest rates by 25 basis points. BTC initially reacted negatively to the news as it dumped from $57,000 to $55,500. However, the bulls regrouped and initiated a notable leg up that pushed bitcoin to an 8-day peak of almost $58,500 earlier today. Although failing to conquer that level yet, BTC is still more than 3% up on the day.
BNB, ADA on a Roll
Almost the entire altcoin field is in the green today. ETH, SOL, XRP, DOGE, TRX, and SHIB have charted minor gains, but ADA and BNB have surged by 6%. As a result, Cardano’s native token stands at $0.35, while Binance Coin is close to $545.
Cryptocurrency Market Overview
Other impressive gainers from the larger-cap alts include NEAR (7.5%), KAS (5%), FET (5%), and STX (6%). SUI has emerged as the top performer by surging with over 15%, now trading above $1. The total crypto market cap has added over $35 billion since yesterday, now close to $2.140 trillion.
The cryptocurrency market continues to show significant volatility, but Bitcoin and altcoins like BNB and ADA are demonstrating strong growth. Investors are anticipating the upcoming FOMC meeting which could influence market movements further.
