“Bitcoin rose above $31,000, underpinned by a bullish forecast from U.K. bank Standard Chartered predicting that bitcoin will reach $50,000 by the end of 2023 and $120,000 by the end of 2024. However, it retraced back to $30,350 as the US June Consumer Price Index (CPI) and the Producer Price Index (PPI) will be released this week, bringing inflation data back into the spotlight,” said CoinDCX Research Team.
Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, said, “The CPI (YoY) consensus forecast this time is 3.1% – down from the previous reading of 4%. A lower-than-expected reading can give the entire market an upward push, however, it seems like the market may not be as concerned in case the reading comes out to be more than 3.1%.”
Other top crypto tokens were also trading higher. BNB, Polygon, Cardano, Dogecoin, and Solana were also trading higher. The global cryptocurrency market cap was trading higher, around $1.19 trillion, rising 0.51% in the last 24 hours.
The total volume in DeFi is currently $2.03 billion, 8% of the total crypto market 24-hour volume. The volume of all stablecoins is now $24.17 billion, which is 91% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $596 billion. Bitcoin’s dominance is currently 49.96%, an increase of 0.08% over the day, according to CoinMarketCap.
“Bitcoin briefly rose above the US$31,000 level and consolidated at the US$30,600 level ahead of the release of June inflation data and weakening U.S. dollar. The price of BTC is holding the key US$30,000 support zone. If BTC can settle above the current mark it could start a fresh increase in the near term,” Edul Patel, Co-founder and CEO at Mudrex, said.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.56 hours, IST on July 12, 2023)
Bitcoin $30,667 0.70%
Ethereum $1,884 0.16%
Tether $1 0.01%
BNB $249 0.88%
XRP $0.4754 -0.15%
Cardano $0.2936 1.11%
Dogecoin $0.06539 0.18%
Solana $22.06 0.27%
Polygon $0.7411 -0.25%
Litecoin $96.78 -0.72%
Polkadot $5.24 1.95%
Tron $0.07734 0.02%
Shiba Inu $0.000007562 -0.25%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
