Bitcoin (BTC) price regained the $105,000 level on Tuesday as a relative calm returned to crypto markets following a turbulent start to the year.
BTC price increased by 5.1% in the past 24 hours to reach $105,505 by press time. This follows a steeper correction last week that saw BTC price drop by 10% from January 7 to 13.
The downturn began after stronger-than-expected labor market data in the United States raised expectations of interest rate hikes by the Federal Reserve this year. However, a weaker-than-expected print for the US consumer price index for December raised hopes for interest rate cuts in 2024.
This helped fuel a recovery in crypto markets, with BTC price rising by 9% from the low $90,000s to cross the $100,000 mark once again on Monday. Among the top crypto performers on Tuesday were XRP, which reached a new all-time high after breaking past its previous peak of $0.340 on January 16.
Other gainers included ETH, up by 4.4%, SOL, up by 2.2%, and BNB, up by 1.6%. Memecoins also continued to perform well, with DOGE and SHIB leading the top 20 crypto by market capitalization with gains of 8.5% and 8.9%, respectively.
Overall, crypto prices were up on Tuesday, with the total crypto market cap increasing by 5.7% in the past 24 hours to reach $3.67 trillion. Among the top crypto performers were tokens related to decentralized exchanges for derivatives trading, which saw an average price increase of 8.1%.
Other strong performers included artificial intelligence and decentralized physical infrastructure network tokens, which were up by an average of 6.4% and 6.8%, respectively.
Meanwhile, tokens related to centralized exchanges and real-world assets protocols saw more modest gains of 5.6% and 3.8%, respectively.
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