The cryptocurrency market seems to be heating up ahead of the rate cut the Federal Reserve is likely to announce later today (December 10).
Bitcoin temporarily soared to around $94,500 but later lost some steam. Ethereum (ETH) and many leading altcoins posted even more significant gains over the past 24 hours.
BTC Heads North
The primary cryptocurrency experienced a sudden and substantial uptick several hours ago, briefly exceeding $94,500. This happened at a time when the chances of a 25-basis-point Fed rate cut increased to 96% (according to Polymarket).
The central bank’s Chairman, Jerome Powell, will officially announce the decision later today, which could trigger additional volatility in BTC and the broader crypto sector.
It is important to note that the leading digital asset failed to sustain the momentum, allowing the bears to step back and erase some of the gains. As of this writing, BTC trades at around $93,000 (per TradingView’s data), representing a 3% increase on a daily scale.
BTC Price, Source: TradingView
Following the latest turbulence, the asset’s market capitalization climbed to nearly $1.85 trillion, whereas its dominance over the altcoins stands at roughly 55.38%.
ETH and ADA on the Rise
BTC posted an evident resurgence, but it is the leading altcoins that stole the show. Ethereum (ETH) jumped by 9% over the last 24 hours to around $3,350, while Cardano (ADA) pumped by the impressive 12% to tap $0.47.
Avalanche (AVAX), Polkadot (DOT), Worldcoin (WLD), Internet Computer (ICP), Hyperliquid (HYPE), Dogecoin (DOGE), and many others are also well in the green, registering daily gains in the range of 5% to 8%. Meanwhile, Zcash (ZEC) continued its uptrend and is now trading above $430.
Among the very few altcoins witnessing some minor losses today are Pi Network (PI), Bittensor (TAO), Tron (TRX), and Bitcoin Cash (BCH). The total cryptocurrency market capitalization currently stands at approximately $3.26 trillion, or a 3.3% increase compared to yesterday’s figures.
Cryptocurrency Market Overview, Source: QuantifyCrypto
The post Bitcoin (BTC) Briefly Pumped Above $94,000, Ethereum (ETH) Jumped by 9%: Market Watch appeared first on CryptoPotato.
