As a seasoned crypto investor with a decade of experience under my belt, this current market surge feels like a rollercoaster ride I never want to get off! The past few days have been exhilarating, with Bitcoin’s price rally pushing it above $64,000 for the first time since August. The altcoins followed suit, with ETH and BNB setting new highs as well.
The surge in Bitcoin‘s price, which began following the U.S. Federal Reserve’s decision to lower interest rates on Wednesday, has propelled the cryptocurrency to a high not seen for several weeks, reaching above $64,000 just recently.
The altcoins also followed suit, with ETH breaking above $2,500 and BNB soaring past $570.
BTC Kept Pumping
As a researcher, I found myself braced for an action-packed business week, with high expectations set for the cryptocurrency market. However, Monday’s session saw an unexpected reversal that sent the primary digital asset plummeting from around $60,000 to under $58,000 within hours. Yet, the bullish sentiment swiftly regained control, propelling the asset above $61,000 in anticipation of the Wednesday FOMC meeting.
Upon learning about the 0.5% reduction in key interest rates by the U.S. central bank, I observed Bitcoin’s price fluctuations, marked by a series of upward and downward swings. However, the bullish sentiment seemed to prevail, at least momentarily, leading to an impressive surge in Bitcoin’s rally.
Yesterday’s report showed that the asset reached a new high of $63,000 after three consecutive weeks. Since then, its value has continued to grow, momentarily surpassing $64,000 for the first time since late August.
Despite a temporary halt in its growth, Bitcoin currently stands around a thousand dollars lower than before. However, it’s managed to increase by 2% today, which has boosted its market capitalization to an impressive $1.250 trillion. Interestingly, its dominance over the alternative cryptocurrencies has diminished to 54.3%, marking a decrease after surpassing 55% for the first time in nearly four years yesterday.
SOL, AVAX on the Run
In recent times, many alternative cryptocurrencies (altcoins) were lagging behind Bitcoin, but they’ve shown remarkable growth today. The front-runners are Solana and Avalanche, which have jumped by approximately 9%, reaching prices of $151 and $28 respectively.
1) Chainlink and Ethereum have both seen a 5% increase in value. Remarkably, Ethereum has reached a new high for several weeks, peaking at around $2,550.
Among all daily growths, standouts include TAO rising 15%, APT climbing 12%, CORE with a 12% boost, JUP ascending 11%, SUI growing 11%, and LDO also increasing by 11%.
The overall value of the cryptocurrency market has risen by an additional $70 billion within a single day, currently standing at over $2.3 trillion on CoinMarketCap as we speak.
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2024-09-20 11:58