Bitcoin price hit $100,000 today in a major market surge. The rally followed positive U.S. inflation data that beat expectations. Ethereum price and Dogecoin price both rose over 6% in response. The cryptocurrency volatility followed growing market hopes for Federal Reserve rate cuts. Bitcoin price moves sparked wider gains across the crypto sector as traders rushed to adjust positions.
Also Read: Bitcoin Forecasted To Hit $250K, Fundstrat Reveals Timeline
Understanding How Inflation Data Drives Bitcoin, Ethereum, and Dogecoin Growth
Market Rally Details
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
|---|---|---|
| Bitcoin (BTC) | +5.03% | $100,927.86 |
| Ethereum (ETH) | +6.42% | $3,828.77 |
| Dogecoin (DOGE) | +6.38% | $0.4121 |
November’s Consumer Price Index met market expectations. This sparked a broad crypto surge across major tokens. Bitcoin price led the market higher with steady gains. Ethereum price reached $3,828.77, jumping 6.42% in heavy trading. Dogecoin showed equally strong performance amid rising cryptocurrency volatility. Trading volumes spiked sharply on all major exchanges as buyers stepped in.
Short Squeeze Potential
Bitcoin price gains triggered mass liquidations of short positions worth $154 million. Another $400 million in shorts could face liquidation if prices reach $104,000. This chain reaction might push values to a new Bitcoin ATH. Derivatives traders scrambled to reposition on major trading platforms as momentum built.
Also Read: Top 3 Cryptocurrencies That Could Surge Before 2025 Starts
Market Leaders and Gainers
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
|---|---|---|
| Peanut the Squirrel (PNUT) | +27.97% | $1.32 |
| Virtuals Protocol (VIRTUAL) | +22.87% | $1.92 |
| Sui (SUI) | +21.35% | $4.47 |
Bitcoin price grabbed the most headlines today. Yet several smaller tokens posted even stronger percentage gains across the board:
Analyst Predictions
Michaël van de Poppe says Bitcoin price must hold $97,844 as key support to maintain upward momentum. Analyst venturefounder predicts Ethereum will reach $4,900 in the near term. Their long-term target sits at $7,238 by Q1 2025. These projections align with cryptocurrency volatility patterns seen in previous bull markets.
Broader Market Impact
The total crypto market value expanded by 5.02% to reach $3.61 trillion. Bitcoin price movements led to this latest surge in valuations. Stock markets showed similar strength in today’s session. The Nasdaq hit a new high of 20,034.89, gaining 1.77%. Technology stocks particularly moved in tandem with crypto prices.
Also Read: Trump’s NATO Exit Plan: How It Could Accelerate De-Dollarization & Aid Russia
Short-Term Outlook
Fresh inflation data pushed Federal Reserve rate cut probability to 98.6% from 88.9%. Bitcoin price indicators show sustained buying pressure across exchanges. Ethereum price and Dogecoin price movements suggest growing altcoin market strength. The cryptocurrency volatility index points toward continued upward momentum. A new Bitcoin ATH appears within reach if current support levels hold steady.