BTC Eyes $20K After Dropping to 3‑Week Low Amid CPI-Induced Volatility (Market Watch)

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Bit­coin went through a roller­coast­er of a trad­ing day, dump­ing to just over $18,000 before shoot­ing back up to $20,000.

Most alt­coins are well in the green on a dai­ly scale, with mul­ti­ple impres­sive gains from the likes of Rip­ple, MATIC, and UNI.

Bitcoin’s Volatility Is Back

The pri­ma­ry cryp­tocur­ren­cy was sit­ting qui­et­ly in a tight range between $19,000 and $20,000 for sev­er­al days in a row. How­ev­er, there were expec­ta­tions that this trend will change yes­ter­day when the US announced its lat­est CPI numbers.

Once the fig­ures came out, clock­ing the YoY infla­tion at 8.2%, BTC indeed react­ed with enhanced price move­ments. In a mat­ter of min­utes, the cryp­tocur­ren­cy dropped below $18,200 to mark a new local low.

Hours lat­er, though, it went on the offen­sive and sky­rock­et­ed by almost $2,000. As such, it touched $20,000 for the first time in over a week. Nev­er­the­less, the bears inter­cept­ed this move and pushed the asset south once more. As of now, bit­coin stands at around $19,500 once more.

Its mar­ket cap­i­tal­iza­tion is back at $375 bil­lion, and its dom­i­nance over the alt­coins is north of 40% for the first time in weeks.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins See Green Once More

The alter­na­tive coins expe­ri­enced sim­i­lar volatil­i­ty yes­ter­day, but most are well in the green now on a dai­ly scale.

Ethereum had dropped to and below $1,200 fol­low­ing the CPI announce­ment, but a 3.5% increase has pushed ETH back above $1,300. Car­dano was among the poor­est per­form­ers yes­ter­day but has recov­ered some ground and now trades close to $0.4.

Binance Coin, Tron, and Doge­coin have increased by up to 5% in a day. More gains come from Rip­ple (9%), Solana (5.5%), Polka­dot (5.3%), Shi­ba Inu (7.3%), Avalanche (6.7%), and MATIC (10%).

Fol­low­ing the lat­est fund­ing round, Uniswap’s native token has soared by 13% and is well above $6.

The cumu­la­tive mar­ket cap of all cryp­to assets slipped below $900 bil­lion briefly yes­ter­day. How­ev­er, the met­ric has bounced back up and is now at $935 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryp­tocur­ren­cy Mar­ket Overview. Source: Quan­ti­fy Crypto
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Cryp­tocur­ren­cy charts by TradingView. 

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