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    Home / News / Business News / Bitcoin surpasses $101,000: Is this start of a new rally?
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    Bitcoin surpasses $101,000: Is this start of a new rally?
    Since Trump's election victory in November 2024, Bitcoin has surged by nearly 50%

    Bitcoin surpasses $101,000: Is this start of a new rally?

    By Mudit Dube
    Dec 12, 2024
    02:08 pm

    What's the story

    Bitcoin, the world's largest cryptocurrency by market capitalization, has crossed the $100,000 mark once again. On December 12, it hit a value of $101,373.

    The surge comes after US inflation data was released in line with forecasts, increasing the chances of a Federal Reserve interest rate cut.

    The cryptocurrency rose nearly 5% in the US on December 11, its biggest gain in two weeks. However, at the time of writing, Bitcoin was trading at $100,770.39.

    Market sentiment

    Market optimism fuels Bitcoin's surge

    Bitcoin had previously reached an all-time high of $103,800 on December 5 but failed to stay above $100,000 as traders took profits.

    The current market optimism is driven by expectations of a Fed rate cut and President-elect Donald Trump's plans to reverse the Biden administration's crypto regulations.

    Since Trump's election victory in November 2024, Bitcoin has surged by some 50%.

    Crypto investments

    Bitcoin ETFs and Ether attract significant investments

    Amid Bitcoin's rally, US spot Bitcoin exchange-traded funds have recorded inflows of $11 billion during this time. The second-largest cryptocurrency, Ether, has also drawn investments of $2.4 billion.

    Henry Elder of UTXO Management said, "the market likes seeing inflation come in within expectations," adding that traders are determining whether "$100,000 is a ceiling or a floor."

    Market growth

    Cryptocurrency market capitalization on the rise

    The global cryptocurrency market capitalization rose by 5.53% to $3.64 trillion on December 12.

    Bitcoin's market cap increased by 4.30% to $2.01 trillion, holding a dominant market share of 55.09%.

    Other cryptocurrencies such as Ethereum and Dogecoin are also witnessing upward trends amid renewed market optimism.

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