Bitcoin’s price experienced significant volatility following the latest US CPI data but has managed to achieve impressive gains, now sitting above $58,000. Most altcoins have followed this trend, with BNB and ADA charting daily increases of 5-6% to over $540 and $0.35, respectively.
### BTC North of $58K
Bitcoin had a somewhat sluggish weekend, falling below $53,000 on Friday but remaining primarily above $54,000 on Saturday and Sunday. The new business week started with a minor increase toward $55,000 before the asset exploded to over $58,000 later on. After failing to overcome this level twice by Wednesday, it slumped hard to $55,500 following the release of the US CPI numbers. These numbers are significant as the next FOMC meeting is scheduled for next week, where the Fed is expected to cut interest rates by 25 basis points.
BTC initially reacted poorly to the news, dropping from $57,000 to $55,500. However, the bulls regrouped, pushing Bitcoin to an 8-day peak of almost $58,500 earlier today. Despite not yet conquering that level, BTC is still more than 3% up on the day. Its market cap has jumped to $1.150 trillion, while its dominance over altcoins has risen to 53.9%.
### BNB, ADA on a Roll
Almost the entire altcoin market is in the green today. ETH, SOL, XRP, DOGE, TRX, and SHIB have charted minor gains, while ADA and BNB have surged by 6%. Consequently, ADA stands at $0.35, and Binance Coin is close to $545.
Other impressive gainers from larger-cap altcoins include NEAR (7.5%), KAS (5%), FET (5%), and STX (6%). SUI has emerged as the top performer, surging over 15% and now trading above $1.
The total crypto market cap has added over $35 billion since yesterday and is now close to $2.140 trillion.
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