The largest cryptocurrency rose to as much as $21,185 Saturday morning. It hadn’t been above $20,000 since Nov. 8, and Saturday marked its 11th straight day advancing.
It has however dropped some of gains, trading at $20,913.1 at 06:21 GMT.
Second-largest Ether is gaining 10.27% trading at $1,551.28 and other tokens like Cardano, BNB and Dogecoin also notched solid gains.
The overall market cap of the crypto universe rose above $1 trillion for the first time since early November, according to data from CoinGecko.
Bitcoin is up more than 25 per cent from the year’s low of $16,496 on January 1.
The gains came amid a report on consumer prices last week that showed the US inflation declining in January from December levels. The Federal Reserve is on track to downshift to smaller interest-rate increases following that further cooling, though it’s likely to keep hiking until price pressures show more definitive signs of slowing, according to Bloomberg.
“Cryptoassets performed well following the soft CPI print, suggesting that crypto’s correlation to macro is not going away anytime soon,” said Sean Farrell, head of digital asset strategy at Fundstrat.
“This week’s follow-through in price action is certainly encouraging,” and barring any forced liquidations from troubled crypto company DCG “there is a high probability that the absolute bottom is in for crypto prices.”
The price of Bitcoin was stuck in a narrow range around $16,000 to $17,000 for weeks before this latest breakout.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
