Bitcoin (BTC) briefly surpassed the $101,000 threshold after rising 3% in the hours following November’s Consumer Price Index (CPI) numbers, which fell within expectations of 2 .7%.
This rally has fueled investor confidence, with a 98% probability now attributed to a 25 basis point rate cut by the Federal Reserve next week, which could take the US benchmark interest rate to 4,000. 33%.
At press time, Bitcoin was trading at $100,215 after the bears failed to sustain a retracement below the six-figure level, based on CryptoSlate data.
Bitcoin’s latest gains come after a 10% correction from its record high of $103,918.67 reached on December 5. During the pullback, the market experienced two flash crashes, with BTC briefly falling to $90,200 before recovering.
Despite the volatility, Ki Young Ju, CEO of CryptoQuant, believes that Bitcoin’s corrections in this bull cycle may remain limited, due to growing demand from exchange-traded funds (ETFs) and unprecedented levels of institutional accumulation.
Broader market recovery
The broader crypto market also rose with Bitcoin amid growing expectations of rate cuts.
Based on CryptoSlate According to the data, Ethereum (ETH) is up 7.5% over the past 24 hours, surpassing $3,800, while XRP is up 20% over the same period to $2.42.
Solana (SOL), Cardano (ADA), Tron (TRX), and Avalanche (AVAX) also saw double-digit price increases – climbing 11%, 16%, 10.6%, and 13%, respectively. Meanwhile, Sui (SUI) returned to the top 20 largest cryptocurrencies by market capitalization after rising 20% to $4.25.
According to Artemis data, the crypto market’s average gains over the past 24 hours stood at 7.8%. Tokens tied to centralized exchanges saw the best average daily performance, up 17%.
Meanwhile, native tokens for decks, such as LayerZero (ZRO) and Wormhole (W), have increased by an average of 10%. Furthermore, none of the 22 sectors tracked by Artemis recorded negative performance in the last 24 hours.
Bitcoin Market Data
At the time of going to press 6:25 p.m. UTC December 11, 2024Bitcoin is ranked #1 in terms of market capitalization and the price is up 5.3% in the last 24 hours. Bitcoin has a market capitalization of $1.99 trillion with a 24-hour trading volume of $86.25 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of going to press 6:25 p.m. UTC December 11, 2024the total crypto market is valued at $3.58 trillion with a 24 hour volume of $238.79 billion. Bitcoin dominance is currently at 55.49%. Learn more about the cryptocurrency market ›
