Bitcoin briefly surpassed the $101,000 threshold after a 3% surge following November’s Consumer Price Index (CPI) numbers, fueling investor confidence with a 98% probability of a rate cut by the Federal Reserve next week. Currently trading at $100,215 after a recent correction, Bitcoin’s bull cycle corrections may remain limited according to CryptoQuant CEO Ki Young Ju, driven by growing demand from exchange-traded funds (ETFs) and institutional accumulation.
The wider crypto market also saw gains alongside Bitcoin, with Ethereum up 7.5% to over $3,800, XRP up 20% to $2.42, and other altcoins like Solana, Cardano, Tron, and Avalanche experiencing double-digit price increases. Sui returned to the top 20 largest cryptos by market cap after a 20% surge to $4.25, with an average market gain of 7.8% over the past 24 hours. Tokens related to centralized exchanges and bridge native tokens saw the best performance.
Bitcoin currently holds the top position by market cap with a value of $1.99 trillion and a 24-hour trading volume of $86.25 billion, up 5.3% in the past 24 hours. The total crypto market is valued at $3.58 trillion with a 24-hour volume of $238.79 billion, and Bitcoin dominance standing at 55.49% as of the latest data.
Overall, Bitcoin’s recent surge past $101,000 reflects renewed investor confidence following the CPI data release, with the potential for a rate cut by the Federal Reserve next week. The wider crypto market also saw gains alongside Bitcoin, with institutions and ETFs driving demand for cryptocurrencies. As Bitcoin continues its bull cycle, corrections may remain limited as institutional accumulation and ETF demand support the price.
