BTC Rises Above $58,000 After CPI Data, BNB & ADA Jump 6% (Market Watch)

Bitcoin price faced increased volatility after the latest US CPI data, but has managed to post impressive gains and now sits above $58,000.

Most altcoins have followed suit, with BNB and ADA posting daily gains of 5-6% to over $540 and $0.35 respectively.

BTC north of $58,000

Bitcoin had a bit of a slow weekend as the asset had dipped below $53,000 on Friday, but mostly held above $54,000 on Saturday and Sunday. The start of the new trading week began with a minor rise towards $55,000 before the asset exploded to over $58,000 later.

After failing to break above that level twice on Wednesday, it fell sharply to $55,500 after the US CPI numbers were released. They are of particular importance to investors as the next FOMC meeting is scheduled for next week and the Fed is expected to cut interest rates by 25 basis points.

BTC reacted badly to the news at first as it went from $57,000 to $55,500. However, the bulls regrouped and started a remarkable rally in the following hours that pushed bitcoin to an 8-day high of nearly $58,500 earlier today.

Although it has yet to conquer this level, BTC is still more than 3% higher on the day. Its market capitalization has risen to $1.15 trillion, while its dominance of the highs reaches 53.9% in CG.

Bitcoin/Price/Chart 12.09.2024. Source: TradingView BNB, ADA on a Roll

Almost the entire altcoin field is in the green today. ETH, SOL, XRP, DOGE, TRX and SHIB have posted minor gains, but ADA and BNB are up 6%. As a result, Cardano’s native token is $0.35, while Binance Coin is close to $545.

Other impressive gains from larger-cap alternatives include NEAR (7.5%), KAS (5%), FET (5%) and STX (6%). SUI has become the best performer by rising more than 15%. As a result, SUI is now trading above $1.

The total crypto market capitalization has added over $35 billion since yesterday and is now nearing $2,140.

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