Bitcoin Hits New All-Time High After US CPI Data
Cryptocurrency markets experienced a surge as Bitcoin reached a new all-time high, surpassing the $73,000 mark. This milestone was achieved despite the release of slightly higher-than-expected U.S. inflation data, indicating a strong investor sentiment towards digital assets.
In the past 24 hours, Bitcoin soared to an intraday peak of $73,127 before stabilizing at $72,920. The market responded positively to the news, with other major cryptocurrencies also witnessing significant gains.
Market Response and Performance
Following Bitcoin’s rally, several altcoins saw notable increases in Wednesday’s trading session. Avalanche and Toncoin led the way with gains of 13.5% and 21.2%, respectively. Ethereum, BNB, Cardano, Dogecoin, Shiba Inu, Polkadot, and Chainlink also recorded substantial price surges.
Cryptocurrency market
Market Volume and Cap
The total cryptocurrency market volume over the last 24 hours amounted to $158.71 billion, representing a slight decrease of 2.97%. Within the decentralized finance (DeFi) sector, the volume stood at $15.44 billion, accounting for 9.73% of the total market volume. Stablecoins dominated the market with a volume of $146 billion, constituting 91.9% of the total market volume.
Bitcoin’s market capitalization surged to $1.434 trillion, reaffirming its position as the leading cryptocurrency globally. The dominance of Bitcoin in the market currently stands at 52.06%, reflecting its significant influence on the overall crypto landscape. The trading volume of Bitcoin in the last 24 hours increased by 4.4% to reach $62 billion.
Conclusion
The latest price movements in the cryptocurrency market, particularly Bitcoin’s surge to a new all-time high, underscore the growing interest and confidence in digital assets. Despite external economic factors such as U.S. inflation data, the resilience of cryptocurrencies continues to attract investors and drive market momentum.
Stay tuned for more updates on the evolving crypto landscape.
With a sharp eye for detail, this journalist has a knack for uncovering the latest trends and stories in the world of Bitcoin and cryptocurrency. In their free time, they enjoy hiking and experimenting with new recipes in the kitchen.
