Bitcoin Price Eyes $61K After Promising PPI Numbers, Toncoin Rises 7% (Market Watch)

2 months ago 36

Bitcoin’s price has risen by almost two grand since yesterday, following the better-than-expected core PPI numbers in the States.

Several altcoins have produced impressive gains within the same timeframe, led by TON’s jump to over $6.7.

BTC Eyes $61K

The primary cryptocurrency had a positive end to the previous business week as it shot up to almost $63,000 on Friday. This meant that the asset had recovered over $13,000 since its Monday dump to a 6-month low of under $50,000.

However, the bears were quick to intercept the move at this point, and BTC couldn’t maintain its run. It lost some traction during the weekend and further slumped to under $58,000 on Monday.

After some more volatility during that day, bitcoin began to gain value on Tuesday afternoon after the US released the core PPI numbers for July, which had increased less than expected. According to Wedbush Securities’ managing director of equity trading, Michael James, this suggests that the Fed will cut the rates “sooner rather than later.”

BTC topped $61,000 late last night but has fallen to just under that level now. Its market cap is up to $1.2 trillion on CG, while its dominance over the alts has neared 54%.

Bitcoin/Price/Chart 14.08.2024. Source: TradingView

TON on the Rise

Most of the altcoins have turned green as well on a daily scale. Ethereum has added nearly 4% of value and now sits well above $2,700. BNB, SOL, XRP, DOGE, ADA, TRX, AVAX, and SHIB have also posted some minor gains.

Toncoin has emerged as today’s top performer following some positive news from Binance. TON is up by 7.5% and now trades close to $6.8. The other notable gainers from the larger-cap alts include UNI, NEAR, STX, and APT.

The total crypto market cap has added $60 billion overnight and is up to $2.235 trillion on CG.