Cryptocurrency markets surged higher on Wednesday after two days of digestion Bitcoin It rose to $100,000 for the first time last week.
The price of the flagship cryptocurrency recently rose 4.8% to $101,052.72, according to Coin Metrics. ether It is also up 4% but has yet to reclaim key resistance at $4,000. The CoinDesk 20 index, which measures the performance of broader cryptocurrencies, rose more than 7%.
US November inflation data drives Bitcoin higher
crypto stocks Coin library and micro strategy rose 5% and 7% respectively.
With the exception of MicroStrategy, the other companies remained in the red for the week.
Cryptocurrencies received an additional boost after the consumer price index for November was released as expected, rising 0.3% from October and 2.7% from the same period last year. Investors are betting that the data will clear the way for another rate cut by the Federal Reserve at its December meeting next week.
Investors expect the price of Bitcoin to continue falling to around $100,000, but remain optimistic that its price could double in the coming year. Bernstein predicts a cycle high of $200,000 in 2025.
Bitcoin’s current record is $103,844.05.
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