$BTC
The crypto market jumped Wednesday, following two days of digestion after bitcoin rallied to the $100,000 for the first time ever last week.
The price of the flagship cryptocurrency was last higher by 4.8% at $101,052.72, according to Coin Metrics. Ether also rose 4% but has not reclaimed its key resistance at $4,000. The CoinDesk 20 index, an index measuring broader cryptocurrency performance, climbed more than 7%.
Bitcoin gets a boost following U.S. November inflation data
Crypto stocks Coinbase and MicroStrategy advanced 5% and 7%, respectively.
All but MicroStrategy are still in the red for the week.
Cryptocurrencies got an extra boost after the November consumer price index came in as expected, with a 0.3% rise from October and 2.7% increase from a year ago. Investors are betting that reading clears the way for the Federal Reserve to cut interest rates again at its December meeting next week.
Investors expect to see continued chop for bitcoin around the $100,000 level but remain optimistic that its price could about double in the year ahead. Bernstein is forecasting a cycle high of $200,000 in 2025. Fundstrat's Tom Lee said bitcoin has "upside to $250,000" next year, in his 2025 outlook published Wednesday.
Bitcoin's current record is $103,844.05.