Bitcoin stalled yesterday before reaching an all-time high, but managed to recover some of its value after the release of the US Consumer Price Index (CPI) data for July.
Several altcoins recorded incredible intraday surges, including OKB which jumped three digits since yesterday.
Bitcoin’s price movement over the past few days has been quite dramatic, although most altcoins have outperformed. Last week, BTC struggled to stay above $113,000 after falling below that level. However, buying pressure increased in the following days, pushing the price above $115,000. Earlier this week, BTC hit a monthly high of nearly $122,500 on Bitstamp, which was $1,000 short of the new record high.
However, selling pressure resurfaced, thwarting any attempt to set a new record. BTC fell to $118,000 yesterday following the release of the US CPI data, but the level held. Now, BTC is back nearing $120,000 with a market cap of nearly $2.4 trillion on CoinGecko. BTC’s dominance over altcoins has continued to decline below 58%, sparking speculation of an altcoin season.
Other altcoins such as GT, CRV and PUMP are up 13%-15%, while SOL, DOGE and ADA from the group are also up double digits. Ethereum is also nearing a 2021 high after surging past $4,600. The overall crypto market cap continues to climb to $4.160 trillion on CoinGecko.
