Bitcoin (BTC) Taps $92K, Zcash (ZEC) Soars by 17% Daily: Market Watch

The cryptocurrency market is well in the green today (December 8), with Bitcoin reclaiming the $92,000 level.

Many of the altcoins have performed even better. An evident example is Zcash (ZEC), whose valuation spiked by approximately 17% on a 24-hour scale.

BTC Heads North

The primary cryptocurrency experienced substantial volatility in the last few days. It was at the forefront of gains towards the end of the business week, temporarily surpassing $94,000. However, the weekend was not kind to the bulls, and BTC slipped below $88,000 on December 7.

The start of the current week, though, offered another comeback. Currently, BTC trades at around $92,00, representing a 3% increase on a daily scale.

The enhanced turbulence comes just days before the last FOMC meeting for the year, during which the Federal Reserve will decide whether to raise, lower, or keep interest rates in the United States unchanged. The probability of a 0.25% drop seems the most plausible scenario, and we will see how the official announcement impacts the crypto sector.

Lower interest rates are typically seen as good news for the bulls since they reduce the appeal of traditional financial products and can redirect capital toward digital assets. Nonetheless, the entire crypto market could still fall victim to a classical “sell the news” effect.

Following BTC’s latest price pump, its market capitalization has jumped to roughly $1.83 trillion, while its dominance over the alts stands at around 57.37%.

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ZEC Leads the Altcoin Rally

Many of the well-known altcoins have charted much more impressive gains than BTC over the last 24 hours. ZEC is the best-performing top 100 cryptocurrency within that period, with its price soaring by 17% to $390.

Canton (CC) follows next with a daily increase of 13%, whereas Bittensor (TAO), Ethena (ENA), Pepe (PEPE), and Cardano (ADA) have headed north by 6-7%. MemeCore (M) and Pi Network (PI) are among the few in the opposite corner, registering minor losses.

The total cryptocurrency market capitalization has jumped by 3% to approximately $3.22 trillion.