Cryptocurrencies surged on Wednesday, with bitcoin retaking the $100,000 mark following November inflation data. The flagship cryptocurrency rose 5% to $101,413.74, according to Coin Metrics, while ether also increased by 5%. The CoinDesk 20 index jumped more than 6%, with crypto stocks Coinbase and MicroStrategy advancing 3% and 9%, respectively.
The surge in bitcoin’s price comes after the November consumer price index came in as expected, with a 0.3% rise from October and a 2.7% increase from a year ago. Investors believe this data clears the way for the Federal Reserve to cut interest rates again at its December meeting next week.
Despite predictions that the price could remain choppy around the $100,000 level, many experts remain optimistic about bitcoin’s potential for growth in the coming year. Bernstein forecasts a cycle high of $200,000 by 2025, while Fundstrat’s Tom Lee predicts $250,000 by the end of next year.
Source: https://www.cnbc.com/2024/12/11/crypto-market-today.html