BTC and ETH Spiked to New 60-Day Highs on US Inflation News (Market Watch)

CPI fell, which brought some optimism back to crypto markets. Bitcoin soared to nearly $25,000

Altcoins also followed suit and many of them, including ETH, set multi-month records. The crypto market cap has risen by $70 billion per day.

Bitcoin nears $25K

The asset took a relatively quiet weekend and spent around $23,000. On Monday, it went on the offensive and reached $24,000.

The bears returned to town nearly immediately and refused to allow any more increases. BTC reversed its course and fell to $22,700.

As the anticipation built up over the July US CPI numbers, which were expected to be lower than the prior month, bitcoin gained some ground and returned back to $23,000

Inflation percentage in the US was actually lower at 8.5%. This was less than the 8.7% forecast. Bitcoin, a more risky asset than gold, saw an immediate price rise to $24,000.

BTC saw more volatility a little later. It soared to just under $25,000, its highest price in nearly two months. Although the cryptocurrency is trading at $1,000 less, its market cap remains well above $450billion.

BTCUSD. Source: TradingView

ETH leads the Alts’ Rally

It happens most often in situations of increased volatility and the alternative coins also follow suit, even registering even greater price fluctuations.

Ethereum was trading at $1,700, but it soared to over $200. It reached a multi-month high at $1,920 on Bitstamp. Although it has slowed down slightly, the second-largest cryptocurrency is still more than 10% higher on the day.

Solana is another double-digit gainer. SOL has reached $45. Avalanche and MATIC also saw impressive price increases.

BNB, Ripple and Dogecoin are all in the green as well, but with less modest gains.

Notable increases have also been seen in the market cap of many lower- and middle-cap alternative coins. The cumulative market capital of all crypto assets has risen to more than $70 billion per day and now stands at $1.150 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto

CryptoPotato first published the post BTC/ETH Spiked at New 60-Day Highs on US Inflation News Market Watch.

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