Bitcoin, the world's oldest and largest cryptocurrency, rose back above the $101,000 level on Wednesday, recouping most of its losses after a strong sell-off earlier in the year a week.
BTC is currently trading for $101,301 after hitting an intraday high of $101,425, according to CoinGecko data. The asset's market capitalization is now trying to reach the $2 trillion mark again. Bitcoin rallied as new November CPI data released on Wednesday showed consumer prices rising as expected, keeping the US Federal Reserve on track for another rate cut next month.
In the altcoin market, XRP, the fourth largest crypto by market cap, is gaining the most: its price has increased by 18.4% over the last 24 hours, and it is now trading for $2.43. The signal was repeated after Ripple CEO Brad Garlinghouse announced on Tuesday that the company's RLUSD stablecoin is launching shortly after receiving regulatory approval in New York.
Elsewhere, Elon Musk's favorite crypto, Dogecoin (DOGE), has jumped by 7.3%, trading for around $0.4114. Meanwhile, Solana's SOL is up more than 7.8% on the day at a current price of $228.76, while Cardano has spun 12.4% to $1.08.
BTC Price Declines After Microsoft Snub
Bitcoin had fallen below $95,000 on Tuesday, triggering a series of liquidation of long and short positions. The market correction followed news that software giant Microsoft had voted down a proposal to accept BTC as a physical currency.
 
Crypto commentators criticized the decision as myopic. Michael Saylor, Executive Chairman of Bitcoin Development Company, which presented Bitcoin's adoption strategy to Microsoft's board of directors earlier this month, wrote in X's post:
“In 5 years, they will understand. Everyone buys Bitcoin at the price they deserve. #BTC does not wait. It just transfers wealth to those who see.”
Saylor came up with the idea of buying Bitcoin in 2020 to get the best return for shareholders during the COVID-19 pandemic. MicroStrategy now holds a total of 423,650 BTC – or about 2% of the total Bitcoin supply – after its latest purchase.
MicroStrategy's multibillion-dollar Bitcoin gamble has paid off spectacularly. As of December 11, the software information company Bitcoin is worth more than $42 billion in finance, receiving undisclosed profits of around $16 billion.
Suffice it to say that buying $42B worth of BTC was no mean feat for Saylor. He believes that the OG crypto will hit $13 million per coin by 2045 and considers $3 million to be a “bear case.
Source: https://zycrypto.com/bitcoin-bursts-back-ritainfromabove-101000-as-riples-xrp-dogecoin-and-cardano-stage-incredible-comeback/
