Bitcoin Reclaims $72,000 While CPI Data Shows Inflation Holding At 3.3%
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Key points:
Solana and Ethereum outperformed Bitcoin, leading gains among major cryptocurrencies.
Retail sentiment on Stocktwits turned ‘bullish’ for Bitcoin, while sentiment across altcoins remained mixed.
The broader crypto market rose 1.3% in the last 24 hours, with total market capitalization reaching approximately $2.53 trillion.
Bitcoin (BTC) climbed back above $72,000 on Friday morning after the consumer price index (CPI) data came in line with expectations, showing inflation pressures remain elevated but stable.The CPI rose a seasonally adjusted 0.9% for the month, bringing the annual inflation rate to 3.3%. The increase was driven in part by a 10.9% jump in energy costs. Both figures matched Dow Jones estimates, according to a CNBC report. The annual rate marked the highest level since April 2024 and accelerated from 2.4% in February.
Bitcoin’s price rose 1.6% in the last 24 hours to $72,300. Retail sentiment around the apex cryptocurrency rose to ‘bullish’ from ‘neutral’ over the past day, accompanied by ‘normal’ levels of chatter.
Ethereum, Solana Outperform Bitcoin Among Crypto Majors
Among the top 10 cryptocurrencies by market capitalization, Solana (SOL) and Ethereum (ETH) outperformed Bitcoin. Solana’s price rose 2.6% to over $84, while Ethereum’s price gained 2%, climbing back above $2,200. Both altcoins saw retail chatter at ‘high ‘levels over the past day. Sentiment around Ethereum remained in ‘neutral’ territory, while sentiment around Solana stayed in the ‘bullish’ zone.
Other crypto majors were also in the green, with Dogecoin (DOGE) gaining 1.6% in the last 24 hours, and Ripple’s XRP (XRP) gained 1.1%. On Stocktwits, retail sentiment around Dogecoin remained in ‘neutral’ territory over the past day while sentiment around XRP trended in ‘bearish’ territory.
Cardano (ADA) rose 0.7% while Binance Coin (BNB) lagged peers, edging just 0.1% higher. Retail sentiment around both remained in ‘bearish’ territory over the past day. Chatter around Cardano stayed at ‘high’ levels, while Binance Coin saw message volume at ‘extremely high’ levels.
The overall cryptocurrency market rose 1.3% in the last 24 hours to around $2.53 trillion. CoinGlass data showed over $360 million in liquidations over the past day, with nearly $260 million coming from short positions that were forced to unwind.
source: https://www.tradingview.com/news/stocktwits:fc6b8b219094b:0/
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