Bitcoin Price Hits $61,000 After Promising PPI Numbers, Toncoin Rises 7% (Market Watch)

The price of Bitcoin is up nearly two billion since yesterday, following better than expected core PPI numbers in the States.

Several altcoins have produced impressive gains in the same time period, led by TON’s jump to over $6.7.

BTC Eyes $61,000

The major cryptocurrency had a positive end to the previous business week, reaching almost $63,000 on Friday. That meant the asset had recovered more than $13,000 since its Monday plunge to a 6-month low of less than $50,000.

However, bears quickly intercepted the move at this point and BTC was unable to sustain its run. It lost some traction over the weekend and fell further below $58,000 on Monday.

After some more volatility on the day, bitcoin started to gain value on Tuesday afternoon after the US released core PPI figures for July, which had risen less than expected. That suggests the Fed will cut rates “sooner rather than later,” according to Wedbush Securities managing director of equity trading Michael James.

BTC broke above $61,000 last night but has now fallen to just below that level. Its market cap is up to $1.2 trillion in CG, while its dominance of the highs has approached 54%.

Bitcoin/Price/Chart 14.08.2024. Source: TradingView TON on the Rise

Most altcoins have also turned green on a daily basis. Ethereum has added almost 4% in value and now sits well above $2,700. BNB, SOL, XRP, DOGE, ADA, TRX, AVAX and SHIB have also posted some minor gains.

Toncoin has become today’s best performer following some positive news from Binance. TON is up 7.5% and is now trading near $6.8. Other notable gains from larger-cap alternatives include UNI, NEAR, STX, and APT.

Total crypto market capitalization has added $60 billion overnight and stands at $2.235 trillion in CG.

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