The price of Bitcoin has experienced a significant increase of almost $2,000 in just one day, largely attributed to better-than-expected core PPI numbers in the United States. After a positive end to the previous business week, Bitcoin reached nearly $63,000, recovering over $13,000 from its recent low of under $50,000. However, despite this impressive rally, BTC encountered resistance and couldn’t sustain its upward momentum. Over the weekend, the price dipped below $58,000, only to see a slight recovery and then a notable jump after the release of core PPI numbers for July.
Alongside Bitcoin’s surge, several altcoins have also recorded significant gains during the same period. TON, in particular, has seen a notable increase to over $6.7. Ethereum has added nearly 4% of its value, reaching above $2,700. Other altcoins such as BNB, SOL, XRP, DOGE, ADA, TRX, AVAX, and SHIB have also posted minor gains. Notably, TON has emerged as a top performer for the day, following positive news from Binance. TON is up by 7.5% and now trades close to $6.8. Other larger-cap altcoins like UNI, NEAR, STX, and APT have also experienced gains in response to the overall positive market sentiment.
Bitcoin’s market cap has surged to $1.2 trillion, with its dominance over altcoins nearing 54%. Most altcoins have also turned green, indicating a widespread positive trend in the market. The total crypto market cap has seen a significant increase of $60 billion overnight, reaching $2.235 trillion. This surge in market capitalization reflects the growing interest and investment in the cryptocurrency market as a whole.
The recent surge in Bitcoin and altcoin prices not only highlights the overall positive sentiment in the market but also underscores the resilience of cryptocurrencies in the face of economic uncertainties. As investors continue to flock to digital assets as a hedge against inflation and market volatility, the future outlook for cryptocurrencies remains optimistic.
