Bitcoin Fluctuates Wildly After CPI Data Release
Bitcoin's price experienced a wild ride on Friday after the release of August CPI data. It initially plummeted to a multi-week low of $76,000 but rebounded sharply, eventually settling at around $77,000. The cryptocurrency's market cap remains unchanged at $1.550 trillion, while its dominance over other altcoins has decreased slightly to 58.7% on CoinMarketCap.
Ethereum was the top gainer during the post-CPI rally, skyrocketing from $2,440 to a new eight-month high of $2,670 before being halted and declining to just over $2,500 as of now. Other notable gainers include ZEC and XMR, which have jumped by 4.8% and 5.3%, respectively.
The total crypto market cap has increased by 0.6% since yesterday on CoinMarketCap, reaching $2.640 trillion. The release of CPI data had a significant impact on the markets, with prices fluctuating sharply in response to the news. The Federal Reserve now has a clearer picture of the economic situation.