Bitcoin reclaimed the $100K level as US November's inflation data aligned with expectations. Market participants expect the Fed to cut rates by 25bps due to the steady inflation figures. The general crypto market also saw an uptick of over 4%, with major altcoins like XRP, SOL and ADA leading the rally. Bitcoin surged above $100K on Wednesday following the release of the US November Consumer Price Index data, which came in line with expectations at 2.7%.
The pendulum swings both ways and for new entrants to Bitcoin, I'd caution going all-in when the price is at an all time six figure high, especially when the latest sugar hit is largely based on sentiment towards the incoming US administration. Bitcoin, altcoins, stablecoins FAQs What is Bitcoin? Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money.