Bitcoin’s price rally that started after the US Fed reduced the interest rates on Wednesday took the asset to a multi-week peak of over $64,000 hours ago.
The altcoins also followed suit, with ETH breaking above $2,500 and BNB soaring past $570.
BTC Kept Pumping
This highly anticipated business week actually started with a retracement on Monday that drove the primary cryptocurrency from over $60,000 to under $58,000 in hours. However, the bulls quickly resumed control of the market and pushed the asset to over $61,000 ahead of the Wednesday FOMC meeting.
Once it concluded that the US central bank announced a 0.5% cut in the key interest rates, BTC went on a rollercoaster with several movements up and down. Still, the bulls came out stronger, at least for now, and initiated an impressive rally for bitcoin.
As reported yesterday, the asset tapped $63,000 for the first in three weeks. However, it kept adding value and briefly exceeded $64,000 earlier today for the first time since late August.
Nevertheless, its ascend has been halted for now, and BTC now sits about a grand lower. It’s still 2% up on the day, which has pushed its market cap to $1.250 trillion. Its dominance over the alts, though, has been slashed to 54.3% after soaring past 55% yesterday for the first time in almost four years.
SOL, AVAX on the Run
Most altcoins were trailing behind BTC in the past few days, but have charted more impressive gains today. The pack is led by Solana and Avalanche. Both of them have surged by around 9% to $151 and $28, respectively.
Chainlink has added 5% of value, and so has Ethereum. In fact, ETH has skyrocketed to a multi-week peak of its own at $2,550.
The most impressive daily increases come from the likes of TAO (15%), APT (12%), CORE (12%), JUP (11%), SUI (11%), and LDO (11%).
The total crypto market cap has gained another $70 billion overnight and is above $2.3 trillion on CG now.
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Cryptocurrency charts by TradingView.
