Bitcoin Tops $110K and Pulls Back, Ethereum Market Cap Surges Past $2.8B Awaiting CPI Data Release

After riding a quick bullish wave, the crypto market is turning cautious today as Bitcoin tops $110K and pulls back. Various altcoins have retreated from the daily high

The crypto market is turning cautious today as Bitcoin tops $110K and pulls back. After a quick bullish wave, various altcoins have retreated from the daily high following a slight downturn in large-cap alts like Ethereum, Solana and XRP.

However, analysts expect a new all-time high for Bitcoin price this week, and the anticipation around a bullish reversal is spreading optimism among investors.

The release of CPI data by FED is due today and it is expected to drive significant volatility into the market.

Bitcoin Price Drops After Hitting New Weekly High

Marking a new weekly high at $110,330, Bitcoin has pulled back in a steady downward trend with it currently trading at $109,218 at the time of publication. The 24 hour trading volume for Bitcoin has declined 10.49% today, sitting at $51.57 billion.

Bitcoin is currently just 2.3% away from breaking above a new all-time high, a move which will likely play out if the CPI data comes out in the favor of investors.

While surging past the $2,800 price mark, Ethereum is currently trading at $2,765–down notably from the daily high. Other leading altcoins—including Solana, XRP and BNB—have also fallen back near daily opening levels ahead of the U.S. market opening.

Trending Crypto Today

Top Gainers and Losers Today

Among top performers, KAIA has spiked the most today with it surging over 17% in the past 24 hours, followed by JTO, SPX, XDC and A token.

Meanwhile WIF, CRV, TAO, ZEC and INJ are among top losers.

Crypto Market Cap Overview

As per CoinMarketCap data, the global crypto market cap today sits at $3.43 trillion in valuation, with a 24 hour trading volume of $133 billion.

Also read: Solana ETF Gets 90% Odds, XRP & LTC Close Behind