As a seasoned analyst with over two decades of experience in financial markets, I must say that this current cryptocurrency market is reminiscent of the dot-com bubble of the late 90s. The rapid price gains and frenzied investor sentiment bear striking resemblance to those days.
Over the last 24 hours, I’ve observed a persistent increase in Bitcoin‘s value, with the digital currency reaching an impressive peak of nearly $66,000 – a level not seen since August.
Cryptocurrencies other than Bitcoin (altcoins) are seeing gains too; Ethereum is almost at $2,700, and Binance Coin (BNB) has surpassed $600, all while there’s chatter that Binance’s ex-CEO, CZ, might be freed today.
Bitcoin Eyes $66K
Since the U.S. Federal Reserve lowered interest rates by 0.5% on Wednesday, the main cryptocurrency has been soaring. Initially valued under $60,000, it swiftly regained that level and climbed over $64,000 by the end of last Friday.
Over the weekend, it took a step back and settled down, but when the new business week started, it surged again toward $65,000. However, BTC encountered resistance at that level twice – first on Monday and then again on Wednesday, causing it to dip below $63,000 yesterday.
In my analysis, I observed a continuous push forward by the bulls yesterday, leading bitcoin to surge beyond $65,000 and almost reaching $66,000. This upward movement marks a new 8-week high. The momentum follows increasing interest in spot Bitcoin ETFs within the United States.
On CoinMarketCap, the significant rise in price has boosted Bitcoin’s market value to an impressive $1.3 trillion, yet its control over the alternative cryptocurrencies (alts) continues to hold steady at a 53.7% dominance level.
Meme Coins on the Run
Today, the meme coin market is dominated by most of its representatives. PEPE is currently in the lead with an 18% jump, pushing it beyond $0.00001. FLOKI follows closely with a rise of $16.5, while Shiba Inu, although approaching $0.0002, has climbed by 15.5%. Earlier today, SHIB had experienced an increase of over 20%.
Dogecoin experienced a surge of over 8% daily and is currently trading above $0.12, with experts anticipating it might reach $0.15. Similarly, AVAX, UNI, LINK, BCH, and SOL have shown remarkable growth as well.
The values of Ethereum and Binance Coin have risen by approximately 1.5%, with Ethereum currently trading at over $2,660 and Binance Coin trading above $605.
In just one day, the overall value of all cryptocurrencies combined has soared by nearly $70 billion, surpassing $2.3 trillion according to CoinMarketCap.
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2024-09-27 11:58