- Bitcoin broke through $21,000, a new high since November 8, 2022.
- On the other hand, Ethereum broke through $1,600.
- The Federal Reserve is on course to transition to smaller increases in interest rates.
On Saturday, the price of bitcoin soared beyond $21,000 on the back of confidence that the price may have reached its bottom and that inflation may have reached its top according to Coinmarketcap data. The value of the most popular cryptocurrency climbed as much as 7.5%, reaching $21,299.
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Since the 8th of November, it had not been more than $20,000, and Saturday was the 11th consecutive day that it had increased.
On the other hand, Ether, the second biggest cryptocurrency, saw its price increase by as much as 9.7%, while other currencies such as Cardano and Dogecoin also saw significant increases.
According to statistics provided by CoinGecko, the total market capitalization of all cryptocurrencies surpassed one trillion dollars for the first time since the beginning of November.
A report on consumer prices that was released the week before the gains revealed that inflation had decreased in January from the levels it had reached in December.
Following this further cooling, the Federal Reserve is on course to transition to smaller increases in interest rates; nonetheless, it is probable that the Fed will continue increasing rates until price pressures show more solid evidence of slowing down.
This factor has contributed to the rise of risk assets such as the Nasdaq 100 stock index, which has increased for six days in a row.
According to Sean Farrell, the head of the digital asset strategy at Fundstrat, crypto assets performed well following the soft CPI print, suggesting that crypto’s correlation to macro is not going away anytime soon.
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