XRP, XLM up, BTC price hits $97,000 ahead of CPI announcement (Market Watch)

Bitcoin price action took a positive turn after Monday night’s drop, with the asset hitting a weekly high of just under $98,000 earlier today.

Altcoins also posted some notable gains ahead of the current CPI numbers in the States, which are expected to lead to massive volatility once again.

BTC prepares for CPI

The major cryptocurrency had a very volatile week, trading above $102,000 last Tuesday, but headed straight south in the following days. The culmination, at least initially, came last Thursday when BTC fell to a monthly low of $91,250.

It bounced back and regained some ground in the following days, but began to fall sharply once again at the start of the current work week. As reported on Monday, the asset fell several thousand in hours and dipped below $90,000 for the first time since November.

The bulls finally took the gas pedal at this point and did not allow another drop. On the contrary, bitcoin started to recover some ground quickly and rose to $96,000 yesterday. It continued to climb gradually in the early hours of Wednesday and approached $98,000 for the first time in a week.

It failed there and is now trading roughly a big drop in anticipation of today’s CPI announcement. Still, its market cap is well above $1.9 trillion, but its dominance has dropped to 54.6% in CG.

BTCUSD. Source: TradingView XRP, XLM on the rise

The biggest gainers of the larger cap alternatives are Ripple and Stellar. Both assets have gained around 10% over the past 24 hours and are above $2.8 and $0.45 respectively. Cardano is also well in the green as it managed to recover the $1 level.

Other alternatives with smaller gains today include DOGE, TON, AVAX and LINK. In contrast, ETH, SOL, BNB, TRX and SUI have some losses in the same time period.

The total crypto market capitalization has recovered more than $200 billion since Monday’s low and is over $3.5 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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