Bitcoin has soared to over $116,000 today, achieving a significant milestone before retracting slightly. Numerous altcoins, particularly PI and ZEC, have experienced remarkable increases in value.

Bitcoin’s Progress

Earlier in the week, Bitcoin’s price surged dramatically, climbing more than $6,000 to reach $114,000 before dropping rapidly to nearly $106,000. In anticipation of the release of the latest Consumer Price Index (CPI) numbers, Bitcoin stabilized around $111,000. Following a better-than-expected inflation report, the cryptocurrency leaped to $112,000.

Though the price dipped again to $110,000, it reclaimed ground over the weekend, momentarily exceeding $112,000 after hints of a significant trade agreement emerged involving the U.S. and China.

Market Insights

Bitcoin’s value exceeded $113,000 this past Sunday and continued to gain, breaking the $116,000 threshold for the first time in weeks. Despite pulling back by around $1,000 recently, its current daily increase is about 2.4%, pushing its market capitalization close to $2.3 trillion and giving it a nearly 58% dominance over the altcoin market.

Notable Gainers in Cryptocurrency

The PI Network’s token made headlines today, soaring over 25% to surpass $0.28, making it the top gainer of the last 24 hours. Meanwhile, ZEC rose by approximately 15%, reaching $350 for the first time in ten years. Other notable cryptocurrencies like BCH (up 6.4%), ETH (up 4.2%), and BNB (up 2.6%) have also shown positive trends. Overall, the cryptocurrency market added over $100 billion in value within just one day, briefly hitting a total market cap of $4 trillion.