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BTC Recovers From CPI-Induced Dip, Viral Token Plunges by 17% Daily: Market Watch

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The CPI announcement in the US yesterday showcased increasing inflation likely due to the war against Iran, and BTC dipped to under $80,000, but it managed to rebound almost immediately.

Binance Coin has surpassed XRP once again in terms of market cap after a 2.5% increase, while DOGE has solidified its spot in the top 10 alts following a 2% increase.

BTC Rebounds After CPI

The primary cryptocurrency peaked at almost $83,000 last Wednesday before the subsequent rejection pushed it south to $79,100 by Friday. The gradual recovery began after that bounce off, and BTC reclaimed the $80,000 tag during the weekend.

More volatility ensued on Monday morning as the legacy financial markets opened. The cryptocurrency first dipped to $80,250 from $81,500 before it rocketed to $82,500 after reports that Iran had sent another peace proposal to the US. However, the POTUS quickly rejected it, and BTC crashed by $2,000 in minutes.

It tried another breakout on Tuesday, but it was stopped again at $82,000. The CPI numbers announced yesterday confirmed that inflation has been increasing, and BTC slipped a few hours after they went live to under $80,000. Nevertheless, it reacted well and now sits at around $81,000.

Its market capitalization remains sideways at around $1.620 trillion, while its dominance over the alts is still well above 58% on CG.

BTCUSD May 13. Source: TradingView
BTCUSD May 13. Source: TradingView

BNB Flips XRP

The battle for the fourth spot in terms of market cap continues, and Binance’s native token has emerged on top in the past 12 hours or so. BNB is up by 2.5%, which has helped it surpass XRP as the latter has remained sideways. HYPE, CC, BCH, TAO, and SUI are slightly in the red daily, while DOGE trades above $0.11 after another 2% daily increase.

Today’s most substantial gainer is NEAR, rocketing by almost 6% to $1.64. STABLE follows suit, while WLFI and TRUMP are also in the green as the POTUS went to China to meet with Xi Jinping.

In contrast, VVV has plummeted by over 17% daily to under $15. ONDO, TON, and PENGU are deep in the red as well.

The total crypto market cap has remained at around $2.780 trillion.

Cryptocurrency Market Overview May 13. Source: QuantifyCrypto
Cryptocurrency Market Overview May 13. Source: QuantifyCrypto

 

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