On Saturday, Bitcoin increased over $21,000 on hopes that inflation may have peaked and reached a bottom. The largest cryptocurrency increased up to 7.5% to $21,299 in value. Since Nov. 8, it hadn't been above $20,000, and Saturday marked the 11th day in a row of gains. Ether, the second-largest cryptocurrency, rose up to 9.7%, and other coins like Cardano and Dogecoin also registered significant gains. Data from CoinGecko shows that the total market capitalization of the cryptocurrency industry surpassed $1 trillion for the first time since early November. The advances coincided with a consumer price report from last week that revealed inflation decreased in January compared to December levels. Following that additional cooling, the Federal Reserve is on course to transition to smaller interest-rate rises, but it's expected to keep doing so until price pressures show more certain indications of moderating. Risky assets, such as the Nasdaq 100 stock index, which has increased for six days in a row, have benefited from this.

Key Points

• On Saturday, Bitcoin increased over $21,000 on hopes that inflation may have peaked and reached a bottom.

• The largest cryptocurrency increased up to 7.5% to $21,299 in value. Since Nov. 8, it hadn't been above $20,000, and Saturday marked the 11th day in a row of gains. Ether, the second-largest cryptocurrency, rose up to 9.7%, and other coins like Cardano and Dogecoin also registered significant gains.