Notable events:
Bitcoin has made a strong recovery and once again surpassed the $100,000 threshold, reaching $100,500 on Wednesday after US inflation data met expectations. This not only helped $BTC increase in price but also triggered a boom in many other #Altcoins👀🚀 large assets like XRP, Dogecoin, and Solana.
Details of fluctuations:
• Bitcoin (BTC): After dropping below $95,000 on Tuesday, Bitcoin has recovered and is now up 5% in the past 24 hours while maintaining a nearly 5% increase over the week. This is the second time Bitcoin has surpassed the $100,000 mark, with the current all-time high being $103,679.
• XRP: The third-largest coin by market cap surged 17%, trading at $2.44. This is a strong recovery after dropping below $2.00 on Tuesday. The main reason is the announcement from Ripple Labs about the launch of the stablecoin RLUSD after receiving approval in New York.
• Dogecoin (DOGE): Elon Musk's favorite coin rises nearly 9%, trading at $0.415.
• Solana and Cardano: $SOL increased over 9% to $229, while $ADA surged 13%, reaching $1.09.
Impact from inflation data:
Data from the US Bureau of Labor Statistics shows that the core consumer price index (CPI) rose 0.3% last month, in line with expectations. This fuels expectations that the Federal Reserve (Fed) will continue to cut interest rates next month. When interest rates fall, riskier assets like cryptocurrencies often attract more interest from investors.
Investment cash flow surges:
The recovery of Bitcoin also drives cash flow into crypto-related investment products. Last week, Bitcoin ETFs in the US received a record investment of $3.85 billion, indicating strong interest from traditional investors.
Conclusion:
Bitcoin not only confirms its position by surpassing the $100,000 milestone but also triggers a boom across the crypto market. Major altcoins like XRP, DOGE, and Solana all show impressive recoveries, while market sentiment remains optimistic due to expectations regarding the Fed's monetary policy.