In brief
- Bitcoin has jumped back above $90,000.
- The leading cryptocurrency dropped to about $81,000 last week.
- Other coins also rose Wednesday, including Ethereum, XRP, and Solana.
The price of Bitcoin jumped above $90,000 per coin again Wednesday after a rough two weeks that led many crypto investors and analysts to point to the start of a bear market.
Bitcoin hit as high as nearly $90,334 Wednesday afternoon before dropping. It was most recently priced at $90,035, according to CoinGecko, after jumping by more than 3% over a 24-hour period.
The biggest digital coin had struggled and plunged with other assets in November, at one point late last week dipping to nearly $81,000 per coin and completely erasing its 2025 gains.
Just in October, the leading cryptocurrency set a new record of $126,080. It is currently priced nearly 29% below that mark.
Analysts who recently released reports and spoke with Decrypt cited waning institutional investor interest and uncertain Federal Reserve policy as some of the reasons for the dip.
Bitcoin and other cryptocurrencies have typically performed well when the U.S. central bank has cut interest rates, but market observers have gone back and forth in recent weeks regarding whether they think the Fed will institute a third interest rate cut for 2025 at their next meeting in December.
Experts have also pointed to waning liquidity as another reason why digital asset prices have dropped. A brutal crash in October that wiped out a record $19 billion in open interest seriously hurt the markets.
Other digital coins and tokens rose alongside Bitcoin on Wednesday: Ethereum was recently priced close to $3,022 after rising 3%, while Solana shot up higher, by nearly 5%, to reach $143.
And XRP and Dogecoin made gains of 2% and 3%, respectively. Americans may take their eyes off the markets Thursday for the Thanksgiving holiday, but crypto will continue trading unabated, of course.
We’ll see whether the rebound over the last week can carry through the rest of the month and into December, or whether this is a momentary respite amid a protracted decline.
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