Bitcoin and Altcoins Experience Price Increases After a Slump

Bitcoin and Altcoins Experience Price Increases After a Slump

Bitcoin has experienced two days of consecutive price increases, marking the first time in a while. During this period, the cryptocurrency rose from under $25,000 to almost $27,000. The second-largest crypto, Ethereum (ETH), has also experienced similar performance, as it now sits at $1,750. Most other altcoins are also in the green. Despite this, last week, BTC slumped to $25,400 as a result of the SEC’s lawsuits against Binance and Coinbase. However, BTC quickly attempted to recover to $27,400.

The Impact of US CPI Numbers and the Fed’s Decision

The US CPI numbers and the decision by the Fed to pause raising interest rates did not initially affect the asset. However, just hours after the Fed’s decision, BTC dumped from over $26,000 to a three-month low of under $24,800.

Positive News from BlackRock

BTC made a grand jump on Friday following positive news from BlackRock, the world’s largest asset manager. BlackRock filed for a Bitcoin Spot ETF in the States, and as a result, BTC experienced a surge in price. The past 24 hours have been even more promising for the asset as it pumped to $26,800 for the first time in over a week. Its market capitalization has increased to $515 billion, and its dominance over the alts has gone up to 48% on CMC.

Altcoins’ Performance

Most altcoins suffered more than BTC after being described as unregistered securities by the US SEC in the lawsuits. However, the past two days have been different. Ethereum’s multi-month low came during the week at just over $1,600. ETH reacted positively and is up to $1,750 after a 4% increase in the past 24 hours alone. Binance Coin, expectedly, dumped hard as well and recently registered a 6-month low at $222. Now, BNB is close to $250, following a 3% daily jump. Solana has experienced the most significant increase from the top 10 (6.5%) to over $15. Cardano, Dogecoin, Tron, Polygon, Litecoin, Polkadot, Shiba Inu, and Avalanche are also in the green. QNT is the biggest gainer from the top 50 (17%) as of now, followed by Algorand, Aptos, HBAR, and LDO.

The crypto market cap went to a low of $1.010 trillion on CMC but is above $1.070 trillion now, meaning it has added over $60 billion in the past two days.


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