Technology stocks rally in the U.S. brings positive momentum to Bitcoin after yesterday’s correction. Meanwhile, SUI leads the altcoin market with an 18% price surge.
The crypto market entered positive momentum as its total capitalization surged past the critical $2 trillion resistance, indicating strong market resilience. This 1.2% daily breakout has become a positive sign for investors, indicating renewed market strength.
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The positive dynamics can be followed by Bitcoin’s (BTC) 4% recovery. On September 11, the first cryptocurrency reacted with the correction to the faster-than-expected U.S. Consumer Price Index (CPI), down 1.5% to $55,500. At the time of writing, Bitcoin is trading for over $58,000, reaching a weekly high.
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The rise correlates with Asian morning hours on the back of a rally in U.S. technology stocks and gains in the Asian equity market. Thus, Nvidia (NVDA) ended the day up 8.2%, while major stocks Microsoft (MSFT), Google (GOOGL), and Apple (APPL) jumped as high as 2.13%.
Nevertheless, spot Bitcoin exchange-traded funds (ETFs) in the U.S. indicated strong outflows on Wednesday after a two-day inflow streak. According to SoSoValue data, on September 11 ETFs lost nearly $44 million.
The recovery may result in a greater bullish rally, says analyst Michaël van de Poppe. In the post for X, he assumed that $62,000 is the next goal for Bitcoin, given its breakout above $58,000 sustains.
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Meanwhile, BeInCrypto highlights $59,000 as a crucial resistance, which, if broken, still may spur a strong upward trend for Bitcoin.
Altcoin Market Dominated by SUI
While the altcoin market has been indicating positive momentum, layer-1 blockchain’s token Sui (SUI) showed an influx with over 18% growth in the last 24 hours. At the writing time, the token is trading for $1.0287, nearing its all-time high of $1.0495.
Sui is likely making the waves due to Grayscale’s recent announcement about opening the Grayscale Sui Trust. According to the asset operator, the NAV per share of the Trust is $13.50, and each share has 14.95 SUI tokens in it, putting the value of each token at 90 cents.
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