Bitcoins price pumped hard yesterday and neared $60,000 after the CPI numbers came out, but lost all momentum and retraced by over two grand.

Most altcoins are quite sluggish on a daily scale. Yet, there are many big losers, such as BONK, RNDR, BRETT, PEPE, and WIF.

BTC Slumps After CPI Pump

The primary cryptocurrency dumped hard last Friday to a multi-month low of under $54,000. The asset bounced off during the weekend and pumped above $58,000, but that was short-lived. In a matter of hours, the bears returned and pushed it south once again.

The start of the business week was more volatile again, with another pump and dump around $58,000 and $55,000. Later on during the week, BTC tried to exceed $59,000 but failed at its first attempt.

However, the US CPI numbers (yesterday) came back to be better than expected. This resulted in an immediate price surge to a multi-day peak of $59,500. Once again, though, the bears came out of the woods and propelled another leg down, which drove BTC south by more than two grand.

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Invalid email address Your privacy is guranteed.Thanks for subscribing, you will get your first report in the next hours! As of now, bitcoin stands inches above $57,000. Its market cap is under $1.130 trillion, and its dominance over the alts is below 51% on CG.

Bitcoin/Price/Chart 12.07.2024. Source: TradingView

BONK Goes Down

Most altcoins went on a similar ride yesterday after the CPI numbers came out, but have calmed and sit on a similar spot as yesterday. ETH, BNB, SOL, DOGE, XRP, and SHIB are slightly in the red, while LINK have dumped by more than 3%.

In contrast, AVAX, TRX, TON, DOT, and ADA are slightly in the green on a daily scale.

The biggest losers from the mid-cap alts are BONK (-11%), RNDR (-9%), BRETT (-7%), AKT (-7%), and STRK (-7%).

The total crypto market cap has lost some traction and is down to $2.220 trillion.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

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Cryptocurrency charts by TradingView.