Bitcoin Price- Bitcoin Reaches $100K: XRP, Solana, and Dogecoin Surge
Bitcoin Price– Bitcoin hit the $100,000 mark once again on Wednesday, driving a surge across the broader altcoin market. This uptick came after the U.S. inflation data revealed that inflation was rising at an expected pace, bringing optimism to the cryptocurrency space. As of now, Bitcoin is trading at approximately $100,500, marking a 5% increase over the past 24 hours and almost the same gain over the past week, according to CoinGecko.
Bitcoin’s Recovery from $95K Dip
Bitcoin had fallen below the $95,000 threshold on Tuesday, triggering a wave of liquidations in both long and short positions. However, the leading cryptocurrency has made a steady recovery, even surpassing its previous all-time high of $100,000, reaching a peak of $103,679 last week.
On Wednesday, the U.S. Bureau of Labor Statistics reported that the core Consumer Price Index (CPI), which excludes food and energy prices, rose by 0.3% in line with analysts’ expectations. This news fueled investor optimism, sending U.S. equities higher and boosting crypto market sentiment.
With inflation showing signs of stabilizing, experts now predict that the U.S. Federal Reserve will cut interest rates in the coming months. Historically, Bitcoin and other cryptocurrencies have performed well in low-interest-rate environments, as investors with a higher risk tolerance flock to assets like Bitcoin.
XRP Leads Altcoin Gains
Among altcoins, XRP (Ripple), the third-largest cryptocurrency by market cap, has seen the most significant gains, soaring by 17% in the past 24 hours to a price of $2.44. This marks a recovery for XRP, which had fallen below $2.00 just a day prior after reaching a seven-year high of $2.82 last week. This rebound is partly attributed to Bitcoin’s own rally, as well as news that Ripple Labs’ CEO Brad Garlinghouse announced the upcoming launch of the RLUSD stablecoin following regulatory approval from New York.
Dogecoin and Shiba Inu Soar
Other popular altcoins are also experiencing significant gains. Dogecoin, the seventh-largest cryptocurrency and a favorite of Elon Musk, has risen nearly 9%, trading above $0.415. Its meme-coin rival, Shiba Inu, has seen an even larger jump of nearly 13%, with its price now hovering around $0.000029. These tokens continue to gain traction as both speculative and meme-driven investments within the crypto ecosystem.
Solana and Cardano Lead in the Top 10
Solana, another top contender in the altcoin market, has surged more than 9% in a single day, reaching a price of $229. Meanwhile, Cardano has also seen a solid increase, climbing 13% to $1.09. These gains reflect a broader positive sentiment across the altcoin market, driven by Bitcoin’s surge and favorable macroeconomic factors.
Bitcoin ETFs Attract Record Investments
As Bitcoin continues its rally, traditional investment vehicles like Bitcoin ETFs are seeing unprecedented interest. Last week, a record $3.85 billion flowed into exchange-traded products, giving traditional investors exposure to the cryptocurrency market. This surge in ETF investments coincides with Bitcoin’s rise above the $100,000 mark, highlighting growing institutional interest in the digital asset space.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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