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.
The rally has fueled investor confidence, with a 98% probability now assigned to a 25 basis point rate cut by the Federal Reserve next week, potentially bringing the US benchmark interest rate to 4.33%.
As of press time, Bitcoin was trading at $100,215 after bears failed to sustain a retracement below the six-figure level, based on Crypto Finders/em> data.
Bitcoin’s latest gains come after a 10% correction from its record high of $103,918.67 reached on Dec. 5. During the pullback, the market experienced two flash crashes, with BTC briefly dipping to $90,200 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.
Wider market rally
The wider crypto market also rose with Bitcoin amid rising expectations of rate cuts.
Based on Crypto Finders/span> data, Ethereum (ETH) was up 7.5% in the past 24 hours, surpassing $3,800, while XRP was up 20% over the same period to $2.42.
Solana (SOL), Cardano (ADA), Tron (TRX), and Avalanche (AVAX) also registered double-digit price increases — climbing 11%, 16%, 10.6%, and 13%, respectively. Meanwhile, Sui (SUI) returned to the top 20 largest cryptos by market cap after a 20% surge to $4.25.
According to Artemis data, the average crypto market gains over the past 24 hours stood at 7.8%. Tokens related to centralized exchanges had the best average daily performance, with a 17% upside.
Meanwhile, native tokens for bridges, such as LayerZero (ZRO) and Wormhole (W), were up 10% on average. Additionally, none of the 22 sectors tracked by Artemis performed negatively over the past 24 hours.
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