Bitcoin Bursts Back Above $101,000 As Ripple’s XRP, Dogecoin, and Cardano Stage Incredible Comeback

Bitcoin, the world’s oldest and largest cryptocurrency, rose back above the $101,000 level on Wednesday, clawing back most of its losses after a bruising sell-off earlier this week

BTC is currently trading for $101,301 after reaching an intraday high of $101,425, according to CoinGecko data. The asset’s market capitalization is now striving to reach the $2 trillion mark once again. Bitcoin surged came as fresh November CPI data released on Wednesday showed consumer prices rose as expected, keeping the United States Federal Reserve on track for another rate cut next month.

In the altcoin market, XRP, the fourth-largest crypto by market cap, is enjoying the most gains: its price has been up by 18.4% over the last 24 hours, and it’s now trading for $2.43. The token rebounded after Ripple CEO Brad Garlinghouse announced Tuesday that the firm’s RLUSD stablecoin is launching soon after receiving New York regulatory approval.

Elsewhere, Elon Musk’s favorite crypto, Dogecoin (DOGE), has jumped 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 spiked 12.4% to $1.08.

BTC Price Shrugs Off Microsoft Snub

Bitcoin had dipped below $95,000 on Tuesday, triggering a cascade of liquidations of long and short positions. The market correction came after news that software giant Microsoft had voted down a proposal to adopt a corporate BTC treasury.

Crypto commentators slammed the decision as myopic. Michael Saylor, Executive Chairman of Bitcoin Development Company, who pitched a Bitcoin adoption strategy to Microsoft’s board of directors earlier this month, wrote in an X post:

“In 5 years, they’ll understand. Everyone buys Bitcoin at the price they deserve. #BTC doesn’t wait. It simply 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 around 2% of Bitcoin’s total supply — after its latest purchase

MicroStrategy’s multibillion-dollar Bitcoin gamble has paid off spectacularly. As of Dec. 11, the software intelligence company’s Bitcoin treasury is worth over $42 billion, accruing unrealized profits of around $16 billion.

Suffice it to say that purchasing $42B worth of BTC was a no-brainer for Saylor. He believes the OG crypto will hit $13 million per coin by 2045 and considers $3 million a “bear case.