Bitcoin Settles at $77K After Wild Ride on Friday, ETH Skyrockets to New High
Bitcoin's price has settled at around $77,000 after a wild ride on Friday, according to data from TradingView. The primary cryptocurrency was rejected at over $80,000 earlier in the week and never regained that level as selling pressure mounted due to global economic uncertainty.
The rebound attempt was halted twice at $79,600 before bears initiated another leg down to under $77,000 after the release of the PPI data on Thursday. However, BTC managed to withstand the intensifying pressure and remained sideways at around $77,000 as Friday approached.
When the CPI data for August was released, which matched expectations almost perfectly, the real storm began. BTC plunged to a multi-week low of $76,000 but bounced off immediately and skyrocketed by nearly $4,000 to $79,800.
The market cap of BTC stands still at $1.550 trillion, while its dominance over the alts is down to 58.7% on CMC. Ethereum emerged as the top gainer during the post-CPI rally, skyrocketing from $2,440 to a new eight-month high at $2,670 before it was stopped and driven south to just over $2,500.