Crypto Markets Gain $70B as Bitcoin Hits Monthly High: Market Watch
Bitcoin surpasses $66,000 to reach a monthly peak, altcoins also turn green.
1Bitcoin Reaches Monthly Peak
Bitcoin quickly recovered after dipping below $64,000 on Monday morning, climbing above $66,000 to hit a monthly high. This rise was supported by positive CPI data and increasing investor interest. Bitcoin's market cap reached $1.330 trillion, and its dominance over altcoins also increased.
2Altcoins Turn Green
Ethereum tested the $1,950 level, while XRP challenged the $1.13 resistance. Cardano stood out with an 8% surge, reaching $0.175. Altcoins like BCH, UNI, and AAVE also showed strong performance. The total market cap rose by $70 billion in a day, reaching $2.320 trillion.
3Impact of CPI Data
Positive CPI data for June triggered a rally in Bitcoin and altcoins. Bitcoin saw $65,500 for the first time in three weeks. The data indicated reduced inflation pressure, leading investors to riskier assets. This created a general optimism in the crypto markets.
4Weekly Market Movements
Last week, Bitcoin dropped below $62,000 due to tensions in the Middle East. However, recovery began after the CPI data. The upward trend continued over the weekend. After a Monday dip, Bitcoin quickly rebounded to $66,300. The market is now stabilizing at these levels.
5Standout Altcoins
Cardano (8%), ONDO (14%), and other altcoins performed strongly. Ethereum is nearing its $2,000 target, while BNB approached $580. XRP and DOGE also gained 4% daily. The altcoin market is generally showing lively activity.
6Critical Period for the Market
Crypto markets have reached levels not seen in a month, entering a significant period for investors. The rally led by Bitcoin has also energized altcoins. Global economic data and easing inflation pressure may continue to boost interest in crypto assets.