Hassan Maishera
TL;DR
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Bitcoin is up 3% in the last 24 hours, trading above $100k again.
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Yesterday’s CPI numbers cleared the way for next week's Fed rate cut.
BTC Trades Above $100k Again as Traders Anticipate Rate Cut Next Week
Bitcoin, the leading cryptocurrency by market cap, is trading above $100k once again after dropping to the $93k region earlier this week. This comes after Bitcoin added more than 3% to its value on Wednesday to hit the $101k mark.
Bitcoin’s rally can be attributed to the CPI numbers released in the United States yesterday. According to the US Bureau of Labor Statistics (BLS), Inflation in the country, as measured by the change in the Consumer Price Index (CPI), rose to 2.7% year-on-year in November from 2.6% in October.
On a monthly basis, the CPI rose 0.3% following the 0.2% increase recorded in October. Meanwhile, the Core CPI rose 3.3% year-on-year to match October's increase and analysts' estimate. The monthly core CPI rose 0.3% in November.
With these inflation numbers, analysts expect the U.S. Federal Reserve to cut interest rates next week.
Altcoins Rally Higher
Altcoins were not left behind, with most adding more than 5% to their values in the last 24 hours. Ether, the second-largest cryptocurrency by market cap, is up 7% and now trades at $3,930 per coin.
Cardano’s ADA is the best performer among the top 10 cryptocurrencies, up 15% and trading at $1.17. Chainlink’s LINK also increased 30% in value after Chainlink Labs joined the Emirates NBD Digital Asset Lab Council.
Thanks to the ongoing rally, the total crypto market cap increased by 5% and now stands at $3.64 trillion.
