New inflation print triggers strong reaction in Bitcoin

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The crypto market has responded strongly to a slight improvement in January’s inflation. This might have been expected to result in a modest increase in markets. None of it. None of it. This may be the local top, according to short term indicators. However, the important thing is that bitcoin is holding well above its midrange point at $21,480. Looking further into the long term, it looks good for bitcoin. The 47% increase in bitcoin’s price since the beginning of this year was followed by a modest 12% correction to test what appears to be a strong support at the midpoint. This could make bitcoin drift towards the top of that range at $25,225. It is important to remember that not all altcoins are destroying bitcoin. While the vast majority of altcoins may see modest gains, it is the top-performing ones that are driving the surge. SingularityNET, Fetch.AI from AI and DuskNet have all performed well. Other altcoins in different niches are also seeing impressive gains. Render (RNDR), which uses distributed GPU cloud rendering, is one of these altcoins. It has seen a 355% increase since January 1. Fantom (FTM), a fast layer 1, is also up 355% since January 1. This article is not intended to be used for legal, tax, investment, or financial advice.