Bitcoin once again went through a rollercoaster day with trading price fluctuations. The price of Bitcoin started to rise from the lowest level of $18,000 up to the level of $20,000.
Most altcoins are strengthening on a daily basis with various gains recorded especially from Ripple, MATIC and UNI. The major cryptocurrency previously traded steady between the $19,000 and $20,000 levels. However, the September CPI report released yesterday temporarily dashed crypto market hopes with the price of BTC falling to a low of $18,000.
In other words, BTC is indeed reacting to commodity price movements that remain high. Within minutes, the cryptocurrency fell below $18,200 to mark a new local low.
Just a few hours later BTC bounced back and surged nearly $2,000, reaching $20,000 for the first time in over a week. However, that did not last long and currently BTC price is trading at $19,762.73.
Altcoins experienced similar volatility yesterday, but most are now in the green on the daily scale.
Ethereum had dipped below $1,200 following the CPI announcement, but started to rally by 3.5%, pushing ETH back above $1,300.
Binance Coin, Tron, and Dogecoin have risen up to 5% in a day. More gains came from Ripple (9%), Solana (5.5%), Polkadot (5.3%), Shiba Inu (7.3%), Avalanche (6.7%) and MATIC (10%).
The cumulative market cap of all crypto assets briefly dipped below $900 billion yesterday. However, the metric has rebounded and now stands at $935 billion.
The market is still taking a cautious attitude as this has been many times the BTC support level has been leaked. The market is worried that it is a fake breakout for profit taking. However, that is only one of the considerations for a few market players.
