As of writing this copy at around 11:43 am (IST) major cryptos as compiled by Coindesk are trading with gains up to 13%. Bitcoin- the largest token in terms of popularity as well as market-capitalisation, in fact has climbed to top $24,600 mark and last traded at $24,565, up more than 7% over the previous day.
Consequently, the global crypto m-cap also gained by over 7% in the last 24 hours to $1.16 trillion. Volume in the crypto world also registered a healthy increase of over 34% to $92.60 billion. This was primarily as a lower than expected US CPI print of 8.5% excited traders and drew them to enter the markets. Worth mentioning that while the US inflation continues to be at a decadal high, the same has come in lower than the expected figure of 8.7%.
In the previous session, Bitcoin reacted to the CPI data and gained over 5% from the support at $23K to day’s high of $24,180, where from it entered the firm wall of bearish resistance that remains the last major barrier before $28,000.
Short term rally triggered in the crypto market
As per the Kitco report that cites investment strategist and Real Vision CEO Raoul Paul, the gains are likely to continue for at least the next week. The positive response to the lower than expected US CPI data had been instantaneous and apart from the crypto market, conventional markets also saw gains. “Markets now have a pretty clear run until regional Fed surveys in a weeks or so”, suggested Paul.
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Story first published: Thursday, August 11, 2022, 13:04 [IST]