Reports of slowing inflation in the United States has contributed to the recent BTC surge.
Following reports that US inflation is slowing, the price of Bitcoin has risen to $24,000. As of 11 August 2022 (UTC 13:50), BTC is trading at $24,654.57 and is up by 6.91% in the last 7 days.
In spite of the fact that BTC has recovered more than 30% since the mid-June slump to $17,500, it remains unknown whether it will be able to surpass $30,000 in the near future.
In the past 24 hours, altcoins have also fared well. Ether (ETH) has increased by 10.84%, while Solana is up by 11.40% and XRP by 4.69%. The global cryptocurrency market currently stands at $1.1 trillion.