The dominant cryptocurrency remained mostly flat over the past 24 hours as better-than-expected inflation data cultivated optimism in traditional markets.
Bitcoin (BTC) traded within a range of $79,059.43 to $84,358.58, and is currently priced at $81,969.12, reflecting a 2.55% increase over the past day. However, the cryptocurrency has shed 8.31% since last week.
(BTC price / Trading View)
The 24-hour trading volume stands at $46.39 billion, marking a 21.14% decrease compared to the previous period, suggesting reduced market activity. Bitcoin’s market capitalization has risen by 2.22% since yesterday, reaching $1.64 trillion. BTC’s dominance in the cryptocurrency market is currently at 62.17%, a slight decrease of 0.05% over the last 24 hours.
(BTC dominance / Trading View)
In the derivatives market, total BTC futures open interest has increased by 1.78% over the past day, totaling $47.20 billion. Additionally, data indicates that 24-hour bitcoin liquidations amounted to $196.36 million, with long liquidations at $57.19 million and short liquidations at $139.17 million.
Traditional markets opened higher on Wednesday after consumer price index (CPI) data showed cooling inflation. The inflation rate increased by 0.2% to 2.8% in February, lower than the predicted 2.9% and below January’s rate of 3%.
(CPI data for February shows a lower-than-expected inflation rate of 2.8% / U.S. Bureau of Labor Statistics)
However, President Donald Trump’s pro-tariff trade policies, continue to make investors skittish.
Despite recently dropping below the $80,000 threshold, some analysts remain optimistic about bitcoin’s long-term trajectory, projecting a $150,000 price within the current market cycle.
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