Bitcoin Surges Above $26K Amid US CPI Data, Solana Records 4% Daily Growth: Market Analysis

Bitcoin Maintains Price Above $26,000 Amid US CPI Data

Bitcoin (BTC) has experienced some volatility in recent days but has managed to stay above $26,000, even after the release of higher-than-expected US CPI (Consumer Price Index) numbers. Altcoins such as Ethereum (ETH) and XRP are also slightly in the green, with ETH reclaiming $1,600 and XRP approaching $0.5 once again.

BTC Above $26K After CPI Numbers

Last week, Bitcoin remained relatively stable and failed to break through the $26,000 resistance level. However, on Monday evening, the primary cryptocurrency experienced a significant drop, falling to a two-month low of just under $25,000. The market quickly rebounded, leading BTC to recover all of its losses and trade close to $26,000 once again.

On Wednesday, all eyes were on the US as the country released its CPI numbers for August. Despite previous instances of increased volatility following the release of the CPI numbers, Bitcoin remained relatively stable and even saw a slight increase in value. As a result, BTC’s price currently stands above $26,000, with a market capitalization exceeding $510 billion and dominance over the altcoins at slightly over 49%.

SOL Sees 4% Increase

On a daily scale, altcoins are also experiencing slight gains. Ethereum, the second-largest cryptocurrency by market capitalization, has added about 1.5% of value in the past day, reaching a price above $1,600. Other altcoins such as Binance Coin, Ripple, Cardano, Dogecoin, Tron, Polkadot, and MATIC have also seen minor gains.

Among the larger-cap altcoins, Solana (SOL) and Litecoin (LTC) have seen the most significant increases in value, with SOL jumping by 4% and LTC pumping by 3%. HBAR, one of the top 100 cryptocurrencies, has experienced a substantial gain of over 9%, reaching $0.05. On the other hand, Toncoin has seen a 2% decrease in value but still trades close to $1.9 following a massive surge.

Overall, the total crypto market cap has increased by a few billion, reaching approximately $1.050 trillion.

Note: The opinions expressed in this article are those of the quoted writers and do not necessarily represent the views of this publication. Readers are advised to do their own research before making any investment decisions.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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