Bitcoin Hits 6-Month High

Bitcoin, which fell below $ 21,500 on Monday, turned its direction up after the release of US inflation data on Tuesday. It was announced that inflation in the USA increased by 6.4% on an annual basis in January. Although this rate remained above the market expectation of 6.2%, it was the lowest level of annual inflation since October 2021.

After the data in question, Bitcoin, which exceeded $ 22,200, made a big leap yesterday. Over $24,700, Bitcoin was trading at $24,616.46 at the time of writing, according to CoinMarketCap data. The daily rise in the world’s largest cryptocurrency has reached 11.6%.

The rise in Bitcoin spread throughout the cryptocurrency market. Ethereum is up 9.1% to hit $1,692. Binance Coin rose 8.3% to $322, while Ripple gained 5.1% to $0.41. Cardano (ADA) rose 6.1%, Polygon 9.3%, and Dogecoin 4.8%. The total market value of cryptocurrencies has increased by $98 billion in the last 24 hours, reaching $1 trillion 115 billion.