Bitcoin has bounced back above $92,000 after several days of significant volatility that saw it fall as low as $88,000 on December 7. The recovery has pushed the broader crypto market into the green, with a notable surge in several major altcoins.
Bitcoin’s rally comes ahead of next week’s FOMC meeting, where the Fed is expected to cut interest rates by 25 basis points. Expectations of looser policy tend to boost interest in digital assets, although analysts warn of the risk of “selling the news.”
Bitcoin’s market cap is now at $1.83 trillion, with its dominance over altcoins increasing to over 57%. While BTC is up around 3% in the past 24 hours, several altcoins have outperformed it.
Zcash (ZEC) led the altcoin surge with a 17% surge, followed by Canton (13%) and several other tokens including TAO, ENA, PEPE and ADA which are up between 6% and 7%. A handful of altcoins posted small declines.
Overall, the global crypto market cap rose 3% to about $3.22 trillion, signaling a return to risk appetite among investors.
