Hassan Maishera
TL;DR
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Bitcoin is closing in on the $26k level once again after adding less than 1% to its value in the last 24 hours.
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Toncoin leads the market charge with a 7% increase so far today.
Bitcoin Heading Towards $26k
Bitcoin has been stagnant since the start of the week but is slowly moving towards the $26k level. The world’s leading cryptocurrency by market cap has added less than 1% to its value over the past 24 hours and is currently trading at $25,901.
The positive performance comes ahead of today’s CPI data release in the United States. Market experts expect Core CPI to increase by 0.4% for the month of August, indicating that inflation is still prevalent in the US. If the reading comes out as expected, the US Fed would be expected to increase interest rates at least one more time before the end of the year.
Bitcoin’s positive performance has seen some altcoins rally higher over the past few hours. TON, the native coin of the Toncoin blockchain, is the best performer amongst the top 20 cryptocurrencies by market cap. It has added more than 7% to its value and is currently trading at $1.78 per coin.
TON has overtaken cryptocurrencies such as Polygon, Shiba Inu, DAI, Polkadot, and Litecoin to clinch the 11th spot in the market.
TRX, the native coin of the Tron DAO ecosystem, has also been performing well in recent days. TRX is up by 3% in the last 24 hours and currently occupies the tenth spot in the market, according to Coinmarketcap.
The rally has seen the total cryptocurrency market cap increase by 1.6% so far today, and it currently stands at around $1.04 trillion.
