Bitcoin Price Surge Following Positive Economic Data
Bitcoin’s price has increased by nearly $2,000 since yesterday, driven by the release of better-than-expected core Producer Price Index (PPI) figures in the United States. This upward trend has been mirrored by several altcoins, particularly Toncoin (TON), which has surged to over $6.7.
BTC Approaches $61,000
The leading cryptocurrency concluded the previous business week on a high note, reaching nearly $63,000 by Friday. This represented a significant rebound of over $13,000 from a six-month low of under $50,000, recorded earlier in the week. However, bears quickly intervened, preventing Bitcoin from sustaining its momentum. The price dipped again, falling below $58,000 by Monday.
After experiencing further volatility throughout Monday, Bitcoin began to recover on Tuesday afternoon following the release of the US core PPI numbers for July, which showed a smaller increase than anticipated. Michael James, managing director of equity trading at Wedbush Securities, indicated that this data could lead the Federal Reserve to consider interest rate cuts “sooner rather than later.”
Bitcoin reached a peak of $61,000 late last night but has since settled just under that threshold. Its market capitalization now stands at $1.2 trillion, with its dominance in the altcoin market approaching 54%.
Altcoins Experience Gains
Many altcoins have also seen positive price movements recently. Ethereum has gained nearly 4%, trading above $2,700, while other cryptocurrencies such as BNB, SOL, XRP, DOGE, ADA, TRX, AVAX, and SHIB have recorded minor increases.
Toncoin has emerged as the standout performer, rising by 7.5% following favorable news from Binance, now trading close to $6.8. Other notable gainers among larger-cap altcoins include UNI, NEAR, STX, and APT.
The overall cryptocurrency market capitalization has increased by $60 billion overnight, reaching $2.235 trillion.
