Markets
Bitcoin (BTC) Price Sets at $67.5K After CPI and FOMC-Induced Volatility (Market Watch)
Bitcoin has been on a real rollercoaster ride over the past few days in anticipation of the US CPI numbers and the subsequent FOMC meeting.
Altcoins have followed a similar path, but now that the dust has settled, TON has emerged as today’s top performer, followed by FET and KAS.
BTC’s volatile journey
The leading cryptocurrency had a quiet weekend in which it mostly hovered around $69,500. Monday started on a more positive note, with the asset surpassing $70,000, but only briefly.
The bears were quick to intercept the movement and pushed the asset south. This culminated in a price drop to a multi-day low of $66,000 on Tuesday amid increasing outputs of ETFs as an anticipation built for economic evolution in the States.
Wednesday was even busier as the US announced better than expected CPI data for May, which sent BTC flight to $70,000 once again. However, the Fed refused to cut key interest rates, and the price of BTC fell to $67,000.
As of now, the cryptocurrency trades above $67,500, with its market cap returning to $1.330 trillion. His dominance over alts is 51.5% in CG.
Bitcoin/Price/Chart 13.06.2024. Source: TradingView
TONS on the Rise, Meme Coins Not
After experiencing huge mid-week price fluctuations, most altcoins have stagnated on a daily scale. ETH, BNB, TRX, and SHIB are slightly in the red, while SOL, XRP, ADA, AVAX, LINK, and DOT are seeing smaller gains.
Toncoin has emerged as today’s best performer among large-cap companies. TON is up almost 8% in one day and is close to $7.7. KAS (6%) and FET (5%) follow suit.
In contrast, most meme coins are in the red. BRETT dumped 10%, FLOKI 8.5%, BONK 5%< and WIF 4%. PEPE lost 3% of its value and is below US$0.000013.
The total crypto market capitalization has also calmed down at just under $2.6 trillion in CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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Cryptocurrency Charts by TradingView.