On January 16, Bitcoin briefly surpassed $100,000 amid positive CPI data, closing around $99,000. The global crypto market cap hit $3.5 trillion, reflecting a 3.66% gain. Major cryptocurrencies like Ethereum, Solana, and Ripple saw substantial increases, while Virtuals Protocol led as the top gainer. Experts attribute the rise to favorable conditions and institutional interest.

On January 16, the cryptocurrency market saw Bitcoin (BTC) briefly surpassing the $100,000 mark before settling around $99,000. This spike was fueled by positive Consumer Price Index (CPI) data and overall market sentiment reflected in a Fear & Greed Index score of 60 (Greed). Other cryptocurrencies, such as Ethereum (ETH), Solana (SOL), Ripple (XRP), and Litecoin (LTC), also experienced gains as the global market cap reached approximately $3.5 trillion, marking a 24-hour increase of 3.66 percent.

Bitcoin’s price was recorded at $99,725.83, reflecting a 24-hour increase of 2.72 percent, with the Indian exchange price at ₹81.85 lakh. Ethereum (ETH) traded at $3,384.76, up 4.74 percent, and Dogecoin (DOGE) saw a price of $0.3794, gaining 5.01 percent. Additionally, Litecoin (LTC) surged to $120.24 with a 17.82 percent increase, while Ripple (XRP) reached $3.13, marking a 9.21 percent rise. Solana (SOL) was priced at $203.02, gaining 6.61 percent.

The top gainer in the last 24 hours was Virtuals Protocol (VIRTUAL), appreciating by over 30 percent to $3.85. Other notable gainers included Fartcoin (FARTCOIN) at $1.22, Litecoin at $119.83, Sonic (S) at $0.837, and Algorand (ALGO) at $0.4601. Conversely, Movement (MOVE) was the only significant loser, dropping 2.70 percent to $0.801.

Market experts expressed optimism regarding Bitcoin’s recent surge, attributing it to a combination of favorable economic conditions and increased institutional interest in Bitcoin ETFs. Edul Patel, CEO of Mudrex, remarked that this upward price movement indicates a bullish trend in the market following a consolidation phase.

CoinSwitch’s Markets Desk highlighted that the softer CPI data contributed to risk assets gaining momentum, reinforcing positive market sentiment. Various industry leaders predict Bitcoin and other cryptocurrencies could continue to rise as confidence strengthens among investors, particularly with anticipated support from U.S. economic policies.

Sumit Gupta from CoinDCX pointed out Bitcoin’s achievement of surpassing the $100,000 milestone despite some bearish pressures. Notably, XRP’s performance has also been remarkable, hitting levels not seen since 2018, which could be influenced by developments in the Ripple vs. SEC case. Cryptocurrency investments entail risks, and readers are advised to conduct thorough research before engagement in these markets.

As of January 16, the global cryptocurrency market displayed notable activity, with Bitcoin leading the charge following positive economic data releases. The influence of macroeconomic factors, including inflation metrics and institutional investments, has largely contributed to the rising prices of various cryptocurrencies. This environment reflects a growing optimism among investors regarding the potential for future price increases across the digital asset landscape.

In summary, January 16 marked a significant day in the cryptocurrency market with Bitcoin momentarily crossing the $100,000 threshold, followed by notable gains in several altcoins. Positive CPI data and emerging bullish sentiments among investors played a critical role in this upward trend. Moving forward, industry experts remain optimistic about potential future increases in the cryptocurrency market as favorable economic conditions continue to unfold.

Original Source: news.abplive.com

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