Bitcoin Calms at $30K Ahead of US CPI Announcement (Market Watch)

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Fol­low­ing yesterday’s mas­sive price pump, bit­coin has calmed around $30,000 ahead of the much-await­ed US CPI numbers.

Most alt­coins have retraced today, with ETH slid­ing below $1,900 and BNB dump­ing beneath $320. SOL, though, has defied the mar­ket sentiment.

Bitcoin Stalls at $30K

The end of last week, and the week­end in par­tic­u­lar, brought lit­tle-to-no price move­ments for bit­coin, which had remained stag­nant at around $28,000. Although Mon­day start­ed on a famil­iar note, the land­scape changed in the late hours and ear­ly Tuesday.

Bit­coin went on the offen­sive hard, surg­ing past $29,000 and even $30,000 for the first time since before the Ter­ra crash. This ral­ly cul­mi­nat­ed in a price increase to $30,400 (a new 10-month high).

BTC has since lost some ground and dab­bled with the $30,000 price tag. The asset remains qui­et for now, but all that is expect­ed to change lat­er today when the US CPI num­bers for March are set to come out.

As of now, its mar­ket cap­i­tal­iza­tion has retreat­ed to $580 bil­lion, but its dom­i­nance over the alt­coins keeps ris­ing and is now at 47.5%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Slides Ahead of Shapella

Aside from the CPI num­bers, the oth­er high­ly-antic­i­pat­ed event sched­uled to take place today is Ethereum’s Shapel­la upgrade. With spec­u­la­tions run­ning ram­pant on what could hap­pen with ETH’s price fol­low­ing the unlock, the asset has slight­ly retraced in the past 24 hours and cur­rent­ly sits below $1,900.

Most oth­er larg­er-cap alts are in a sim­i­lar shape. BNB, XRP, ADA, DOGE, MATIC, and LTC have all declined by up to 4% in a day. Solana is the only excep­tion from the larg­er-cap alts. SOL has soared by 5.5%, adding to yesterday’s gains, and trades above $23.

Most of the low­er- and mid-cap alts are also sit­ting slight­ly in the red today. This has pushed the cumu­la­tive mar­ket cap of all cryp­to assets south by over $20 bil­lion. Nev­er­the­less, the met­ric is still above $1.2 tril­lion on both CMC and CoinGecko.

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

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