The cryptocurrency market has seen a brief surge before recording a decline again in the past 24 hours. Bitcoin (BTC) and Ethereum (ETH) each hit multi-week highs following the release of lower-than-expected US Consumer Price Index (CPI) data for June, before both retreated to previous support levels.
Bitcoin has been through a volatile trading week, fueled by Strategy’s BTC sales announcement and rising geopolitical tensions between the US and Iran. After dropping below $62,000 on Tuesday, the major digital asset surged above $65,000 and peaked at $65,600 in a short period of time.
Based on the latest market data from CoinGecko (CG), the price of Bitcoin has now retreated by $1,500 to trade back around $64,000. Bitcoin’s market capitalization was recorded at $1.285 trillion with its dominance over altcoins remaining stable at 56.7%.
In the altcoin market, Ethereum (ETH) led the way with a surge to hit $1,950 for the first time in six weeks before falling back below $1,900. While most large-cap assets such as SOL, ADA, BCH, and DEXE recorded losses, ONDO token on the other hand recorded a significant jump of 17% to $0.37.
Overall, this market price correction has erased $40 billion from the global crypto market capitalization in a single day. The total cryptocurrency market value is now valued at $2.270 trillion on the CoinGecko platform.
