HYPE Explodes by 14% Daily, Bitcoin Price Eyes $112K: Weekend Watch
Bitcoin’s gradual increase since the post-CPI correction continued in the past 24 hours, and the asset has exceeded $112,000 for the first time since Tuesday.
Most altcoins are slightly in the green, while HYPE has stolen the show with a 14% surge to $46. XRP has added 4% of value and sits at $2.65.
BTC to Reclaim $112K Next?
Bitcoin went on the offensive at the beginning of the business week when it surged by over six grand in hours from $117,500 to a multi-week peak of $114,000. However, that rally was short-lived, and the subsequent correction was quite painful as BTC lost even more value than it had added and slipped to just over $106,000. All of this happened in the span of 24 hours.
The bulls finally reemerged at this point and didn’t allow another leg down. Instead, bitcoin started to recover some ground and stood at $111,000 on Friday before the release of the US CPI data for September. Once it became known that the inflation was not as bad as many feared, BTC jumped by a grand only to drop by more than two in the following hours.
However, it recovered the losses by Saturday morning and knocked on the $112,000 door. Although it held at first, bitcoin jumped past it earlier today and even neared $113,000, where it was stopped, at least for now.
As of now, its market cap has exceeded $2.240 trillion, while its dominance over the altcoins is down to 57.7% on CG.
BTCUSD. Source: TradingView
HYPE, ZEC, JUP Rocket
XRP continues to chart gains over the weekend, increasing by another 4% and sitting at a multi-week peak of its own at $2.65. ETH is close to $4,000 after a minor increase, while BNB has tapped $1,125. HYPE has jumped the most from the larger-cap alts, adding 14% of value and surging to $46.
The other double-digit gainers from the top 100 alts are ZEC (13.5%) and JUP (14%). WLFI has added 7.6% of value, while SUI, AVAX, HBAR, XLM, BCH, and XMR are up by up to 4% daily.
The total crypto market cap is up by around $40 billion in a day and is close to $3.890 trillion on CG.
Cryptocurrency Market Overview Daily. Source: QuantifyCrypto
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