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- 1 Cryptocurrency market reflected an impressive surge in the past 24 hours amid the release of CPI report.
- 2 Bitcoin was struggling below the $26k mark but an unprecedented momentum was observed in BTC trading price.
- 3 COMP, ASTR, FLR and XLM prices declined significantly but a minute correction in tokens and coins’ trading volume was observed.
In the past 24 hours, the cryptocurrency market surged significantly. The market capitalization spiked over 1.10%. Bitcoin and Ethereum prices surged over 1% each and several other dominating crypto assets rose in the past 24 hours. The surge came after the release of the official consumer price index (CPI) data for the month of August.
Cryptocurrencies and blockchain analytics firm Santiment also believe that the release of CPI report has created a positive impact to the market. The report highlights the finding of recording a 3.7% increase compared to the expected 3.6%, with a core CPI reporting a +4.3% rise.
Bitcoin was struggling below $26k mark, but unprecedented momentum was observed in BTC price. Despite the surge in trading price, trading volume followed a declining path. It is believed that following the surge, dozens of crypto whales opted to sell to generate interim profit.
Top Gainers & Top Losers in the Last 24 Hours
Including Bitcoin and Ethereum, Dogecoin, XRP and Cardano surged significantly. According to CoinMarketCap Polinate coin price rose over 70% in the past 24 hours and while trading volume saw a 4.39% increase.
COMP, ASTR, FLR and XLM declined significantly but a minute correction in tokens and coins trading volume was observed.
POLI coin market cap skyrocketed over 70% in the past 24 hours which is an indication that a significant number of investors are betting on POLI coin’s brighter future.
There are two faces of this surge. One is the surge in trading price and decline in trading volume and the other is decline in trading price and surge in trading volume. It means that 24 hours time frame top gainers surged in terms of prices but a decline in trading volume and majority of selling was observed.
Summary:
The recent surge in the crypto market is likely because of the CPI report release. Hundreds of crypto tokens and coin prices have shown positive bullish momentum in the same period.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
