The cryptocurrency market is showing signs of increased activity, potentially in anticipation of a rate cut announcement from the Federal Reserve later today, December 10.
Bitcoin experienced a temporary surge, reaching approximately $94,500 before seeing some of its gains diminish. Ethereum (ETH) and a number of other prominent altcoins have also recorded substantial increases in value over the past 24 hours.
Bitcoin's Upward Movement
The leading cryptocurrency, Bitcoin, saw a rapid and significant price increase several hours ago, briefly surpassing the $94,500 mark. This surge coincided with an escalation in the probability of a 25-basis-point rate cut by the Federal Reserve, with odds reaching 96% according to Polymarket data.
The official decision is expected to be announced later today by the Federal Reserve Chairman, Jerome Powell. This announcement could introduce further volatility into Bitcoin and the wider cryptocurrency market.
However, Bitcoin was unable to sustain this upward momentum, allowing bearish sentiment to re-emerge and retract some of the gains. At the time of reporting, Bitcoin is trading around $93,000, as indicated by TradingView data, marking a 3% increase on a daily basis.
Following this recent price action, Bitcoin's market capitalization has risen to nearly $1.85 trillion. Its dominance over the altcoin market currently stands at approximately 55.38%.
Ethereum and Cardano Lead Altcoin Gains
While Bitcoin demonstrated a notable recovery, several leading altcoins have captured significant attention. Ethereum (ETH) has seen a 9% increase over the last 24 hours, trading around $3,350. Cardano (ADA) has experienced an impressive 12% pump, reaching $0.47.
Other cryptocurrencies such as Avalanche (AVAX), Polkadot (DOT), Worldcoin (WLD), Internet Computer (ICP), Hyperliquid (HYPE), and Dogecoin (DOGE) are also trading in positive territory, with daily gains ranging from 5% to 8%. Zcash (ZEC) has continued its upward trend and is now trading above $430.
A small number of altcoins, including Pi Network (PI), Bittensor (TAO), Tron (TRX), and Bitcoin Cash (BCH), are experiencing minor losses today. The total cryptocurrency market capitalization is currently estimated at approximately $3.26 trillion, representing a 3.3% increase compared to yesterday's figures.
