Bitcoin (BTC) Market Cap Reaches $1.92T as US CPI Data Comes in at 2.3%

From Bitcoin BTC $96 611 24h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B to altcoins to meme coins, the crypto market witnessed a sudden rush

The US Consumer Price Index (CPI) data for April 2023, which was due yesterday, May 13, brought a sudden rush to the crypto market, pushing prices higher.

Many analysts had predicted the inflation rate to stay at March’s 2.4%, but the data revealed a slight decline to 2.3% year-over-year.

The technical analysis had hinted at a potential increase in the CPI, which ultimately impacted the crypto market significantly.

The market movements show that the altcoin accumulation outperformed the digital gold, with Bitcoin surging from $103,000 to $105,000.

The global crypto market cap also saw a surge, rising from $3.25 trillion to $3.40 trillion in less than 12 hours.

The CMC fear and greed index also leaned more toward the bullish zone, currently sitting at 74.

The US inflation report has a high influence over the crypto market, and this time, it was a strong bullish catalyst, compensating for the six-week selling pressure triggered by Trump’s “Liberation Day”—the day of implementing reciprocal tariffs on world economies.

According to data from Polymarket, more than 80% of the bettors on the Bitcoin price believe the asset will reach a new all-time high in May.

The data shows that 50% expect BTC to break the $110,000 mark while 25% aim for $115,000. Of this tally, 5% believe that Bitcoin can break $125,000 before June.

In another poll, Polymarket users expect Strategy (formerly MicroStrategy) to accumulate more Bitcoin before May 20. The odds of another accumulation by the business intelligence company have reached 90%.

Bitcoin would need to break the $106,000 mark and hold above the $103,000 support to strengthen its momentum toward another ATH.

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