Bitcoin & XRP Price Gain Despite Stock Market's Mixed Performance
We report that Bitcoin and XRP have seen a price boost despite the stock market's mixed performance ahead of new inflation data. The world's leading cryptocurrency, Bitcoin, is up 4.5% on the day and has been trading at $36,000 for most of the day. In addition, XRP has also gained 8.6% over the last 24 hours, bringing its price up to $1.50.
The stock market has been mostly flat since yesterday when the U.S Bureau of Labor Statistics released its Consumer Price Index (CPI) report for May 2020 which showed that inflation had risen by 2.2%, beating analysts' estimates.
However, despite this news, many believe that the rally in crypto prices is still a result of retail investors seeking alternative investments as traditional markets remain prone to volatility.
At press time it remains to be seen whether or not this uptrend in crypto prices will continue in the months ahead but with Bitcoin gaining more institutional interest and XRP beating expectations, there could be more gains on the horizon.