Bitcoin has made a strong recovery, surpassing the $100,000 mark and trading at $101,000 on the morning of December 12, 2024, after rising 3% thanks to the Consumer Price Index (CPI) data for November meeting the expectation of 2.7%. This has reinforced confidence that the U.S. Federal Reserve (Fed) will cut interest rates by another 25 basis points next week, bringing the benchmark rate down to 4.33%.
Price and market volatility of Bitcoin
• Bitcoin reached a record high of $103,918 on December 5 before correcting by 10%, dropping to a low of $90,200 during the pullback but quickly recovered.
• CEO of CryptoQuant, Ki Young Ju, stated that demand from ETF funds and strong accumulation by institutions are limiting the level of correction in this bull cycle.
Growth across the cryptocurrency market
The recovery of Bitcoin has triggered a strong price increase across the entire cryptocurrency market:
• Ethereum (ETH): Up 7.5%, surpassing $3,800.
• XRP: Up 20% to $2.42.
• Other altcoins also recorded double-digit gains:
• Solana (SOL): +11%.
• Cardano (ADA): +16%.
• Tron (TRX): +10.6%.
• Avalanche (AVAX): +13%.
Sector performance and special tokens
• Sui (SUI): Up 20%, returning to the top 20 largest cryptocurrencies at a price of $4.3.
• Exchange-related tokens: Leading in performance with an average increase of 17%.
• Bridge tokens like LayerZero (ZRO) and Wormhole (W): Average increase of 10%.
No sectors among the 22 monitored by Artemis reported negative performance in the past 24 hours, with an average market increase of 7.8%.
Market sentiment
Investors are strongly anticipating the Fed's rate cut move, which not only reinforces Bitcoin's price but also boosts widespread confidence in the cryptocurrency ecosystem.#BTC☀ #BTCReclaims101K $BTC