Bitcoin (BTC) briefly surpassed the $101,000 threshold after a 3% surge in the hours following November’s Consumer Price Index (CPI) numbers, which came within the 2.7% expectations.
This rally has increased investor confidence. There is a 98% likelihood that Federal Reserve could cut interest rates by 25 basis points next week. The US benchmark may then drop to 4.3%.
According to CryptoSlate, Bitcoin’s price was $100,215 at the time of publication. Bears were unable to maintain a retracement beneath six-digit level.
Bitcoin’s latest gains come after a 10% correction from its record high of $103,918.67 reached on Dec. 5. The market saw two crashes during the decline, and BTC dropped to as low as $90,200 briefly before recovering.
Despite the volatility, CryptoQuant CEO Ki Young Ju believes that Bitcoin’s corrections in this bull cycle may remain limited, driven by growing demand from exchange-traded funds (ETFs) and unprecedented levels of institutional accumulation.
Market rally to widen the market
Bitcoin and the larger crypto market both rose amid growing expectations for rate reductions.
Based on CryptoSlate Ethereum (ETH) has increased 7.5% during the past 24 hour to exceed $3,800. Meanwhile, XRP is up 20.0% over that same period.
Solana (SOL), Cardano (ADA), Tron (TRX), and Avalanche (AVAX) also registered double-digit price increases — climbing 11%, 16%, 10.6%, and 13%, respectively. Sui, a cryptocurrency with a market cap of $4.25 and gaining 20% in value, has returned to the 20 biggest cryptos.
Artemis data shows that the average gain in the crypto markets over the last 24 hours was 7.8%. The best daily average performance was achieved by tokens linked to central exchanges, which saw a 17 percent increase.
In the meantime, tokens native to bridges such as LayerZero(ZRO) or Wormhole(W), which are also known by their English names, were on average up 10 percent. Furthermore, the nArtemis tracked the performance of 22 industries over the past day.
Bitcoin Market Data
The time of the press The 11th of December 2024 will see 6:25 pm UTC.Bitcoin has the largest market capitalization and is currently trading at a price of Just click here to get started. 5.3% Over the last 24 hours. Bitcoin is valued at One trillion dollars The 24-hour volume trading is 86.2 billion. Learn more about Bitcoin ›
Bitcoin
The 11th of December 2024 will see 6:25 pm UTC.
$100,296.78
5.3% Crypto Market Overview
The time of the press The 11th of December 2024 will see 6:25 p.m. UTC.The total market value of crypto is at 3 580 000 $ A 24-hour volume is 238.79 billion dollars. Bitcoin dominates the market at 55.49%. Learn more about the crypto market ›
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