price BitcoinThe leading cryptocurrency by market cap briefly managed to reclaim the $100,000 level on Bitstamp earlier in the day.

The cryptocurrency reached an intraday high of $100,510 after rising more than 2% on Wednesday.

The rise comes after a Reuters report that the SEC will begin overhauling its cryptocurrency policies immediately following the imminent departure of SEC Chairman Gary Gensler.

Bitcoin also got a boost after core inflation readings for December, which exclude food and energy, turned out better than initially expected. This has revived traders' hopes that the US Federal Reserve will implement several interest rate cuts this year.

Earlier this month, Bitcoin briefly fell below $90,000 due to the possibility of the Federal Reserve tapering its monetary policy in 2025.

However, the bulls may not be out of the woods yet. like I mentioned By CNBC Banking giant Standard Chartered recently predicted that another drop below the $90,000 level could lead to a sharper correction.

The bank noted that spot purchases of Bitcoin ETFs were just breaking even recently. On Tuesday, these producers recorded a total of $209 million in outflows.

Bitcoin lags behind altcoins

Despite its impressive price gains, Bitcoin still lags behind major altcoins.

Ripple's XRP token steals the spotlight with a 10% price rise.

Ethereum (ETH), Solana (SOL), and Cardano (ADA) also significantly outperformed Bitcoin.

However, BNB significantly underperformed the crypto king with a relatively modest increase of 1.8%.