The declining CPI numbers brought some positivity back to the crypto markets, as bitcoin spiked to almost $25,000.
The altcoins followed suit, and many, such as ETH, marked multi-month highs of their own. The crypto market cap is up by $70 billion in a day.
Bitcoin Neared $25K
After the relatively calm weekend, which bitcoin spent primarily around the $23,000 mark, the asset went on the offensive on Monday and jumped to the north of $24,000.
However, the bears came back to town almost immediately and didn’t allow any further increases. Just the opposite, BTC started retracing and dropped down to $22,700.
As anticipation was building up about the upcoming US CPI numbers for July, expected to be lower than the previous month, bitcoin reclaimed some ground and returned to $23,000.
The US indeed announced a lower inflation percentage of 8.5%, which was even less than the predicted one of 8.7%. Being a riskier asset, bitcoin reacted with an immediate price surge to $24,000.
More volatility came a bit later, and BTC jumped to just under $25,000, which became its highest price tag in almost two months. As of now, though, the cryptocurrency trades over $1,000 lower, but its market cap is still well above $450 billion.
BTCUSD. Source: TradingView
ETH Leads the Alts’ Rally
As it typically happens in cases of enhanced volatility, the alternative coins follow suit and even mark even more impressive price fluctuations.
Ethereum, for example, stood around $1,700 but soared by over $200. As a result, it tapped a multi-month high of its own at $1,920 (on Bitstamp). Despite retracing slightly since then, the second-largest crypto is still over 10% up on the day.
Solana is another double-digit gainer, and SOL has touched $45. Impressive price increases also come from Cardano, Polkadot, Avalanche, and MATIC.
BNB, Ripple, Dogecoin, and Shiba Inu are also in the green, although with more modest gains.
Most lower- and mid-cap alternative coins have charted notable increases as well. This means that the cumulative market cap of all crypto assets has added over $70 billion in a day and stands above $1.150 trillion.
Cryptocurrency Market Overview. Source: Quantify Crypto
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