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Bitcoin Calms at $30,000 Ahead of US CPI Announcement (Market Watch)
After yesterday's massive price pump, Bitcoin has settled around $30,000 ahead of the long-awaited US CPI numbers. Most altcoins have declined today, with ETH falling below $1,900 and BNB below $320. However, SOL has bucked market sentiment. Bitcoin Stalls at $30,000 The end of last week and especially the weekend brought little to no price movement for Bitcoin, which was stalled at around $28,000. Although Monday started familiarly, the landscape changed in the late hours and early Tuesday. Bitcoin went on the offensive hard and rose for the first time...
Bitcoin Calms at $30,000 Ahead of US CPI Announcement (Market Watch)
After yesterday's massive price pump, Bitcoin has settled around $30,000 ahead of the long-awaited US CPI numbers.
Most altcoins have declined today, with ETH falling below $1,900 and BNB below $320. However, SOL has bucked market sentiment.
Bitcoin is stagnating at $30,000
The end of last week and especially the weekend brought little to no price movement for Bitcoin, which remained stagnant at around $28,000. Although Monday started familiarly, the landscape changed in the late hours and early Tuesday.
Bitcoin went on the offensive hard, rising above $29,000 and even $30,000 for the first time since the Terra crash. This rally culminated in the price rising to $30,400 (a new 10-month high).
BTC has since lost some ground and dabbled with the $30,000 price tag. The asset remains quiet for now, but all that is expected to change later today when the US CPI numbers for March are released.
So far, its market cap has declined to $580 billion, but its dominance over altcoins continues to rise and is now at 47.5%.
BTCUSD. TradingView
ETH slips ahead of Shapella
Aside from the CPI numbers, the other highly anticipated event set to take place today is Ethereum's Shapella upgrade. Amid widespread speculation about what might happen to ETH's price post-unlock, the asset has pulled back slightly over the past 24 hours and is currently trading below $1,900.
Most other large-cap alternatives have a similar form. BNB, XRP, ADA, DOGE, MATIC and LTC have all fallen by up to 4% in a day. Solana is the only exception to the large-cap alternatives. SOL is up 5.5%, adding to yesterday's gains, and is trading above $23.
Most of the lower and mid-cap alternatives are also sitting slightly in the red today. This has driven the cumulative market cap of all crypto assets south by over $20 billion. Despite this, the metric is still over $1.2 trillion on both CMC and CoinGecko.
Overview of the cryptocurrency market. Quantify crypto