Bitcoin reached a price of $64,733, with the overall cryptocurrency market capitalization rising to $2.22 trillion. This marked a 3.56% increase over the past 24 hours and 3.09% for the week.
Ethereum saw a notable performance, gaining 5.23% on the day to trade around $1,875, and nearly 7% for the week. Other notable fluctuations included XRP, which rose to $1.10, and Solana, which climbed to $77.68. ZEC recorded a significant surge of 10.85%, trading above $557.
US Inflation Data Impact
The Consumer Price Index (CPI) for June announced by the US fell to 3.5%, below the anticipated 3.8%, bolstering the market's risk appetite. The CPI decline of 0.4% is the largest since April 2020, enhancing the overall sentiment in risk assets.
The total crypto market cap grew by 3.17% in the last day. The Fear & Greed Index improved to 35, indicating a shift in sentiment, though still categorized as 'fear.' The Altcoin Season Index remained steady at 50, reflecting continued interest in alternative cryptocurrencies.
Shift in Market Focus
Smaller, high-volatility tokens garnered significant search interest, with Arrow leading the charge after a 23.3% increase to around $1.93. Pudgy Penguins gained 4.4% to $0.006041, while Cash Cat dropped 14.4% to $0.1451, despite a weekly surge of 62.6%.
Mizuho downgraded Circle's stock from Neutral to Underperform, cutting its price target by over 41% from $85 to $50, attributed to rising competition from Open USD. Analysts expressed concerns about Circle's economic model amid market shifts, while some firms, like Bernstein and William Blair, remained optimistic about Circle's liquidity and position in the regulatory landscape.
This material is for informational purposes only, and should not be considered financial advice.
