Bitcoin Hits $64K as Solana Soars 9% Daily

Bitcoin Price Rally: Surpassing $64,000 After Fed Rate Cut

Bitcoin’s price rally, which began following the US Federal Reserve’s decision to reduce interest rates on Wednesday, has propelled the asset to a multi-week peak of over $64,000.

Altcoins have also benefitted from this bullish momentum, with Ethereum (ETH) breaking above $2,500 and Binance Coin (BNB) soaring past $570.

BTC’s Impressive Surge

This much-anticipated business week started with a retracement on Monday, causing Bitcoin to drop from over $60,000 to under $58,000 in just a few hours. However, bulls quickly regained control, pushing the cryptocurrency back up to over $61,000 ahead of the Wednesday Federal Open Market Committee (FOMC) meeting.

After the Fed announced a 0.5% cut in key interest rates, Bitcoin experienced a rollercoaster of price movements. Despite several fluctuations, bullish sentiment prevailed, leading to a notable rally. As reported yesterday, Bitcoin reached $63,000 for the first time in three weeks. It then briefly exceeded $64,000 earlier today, marking its highest price since late August.

Currently, Bitcoin’s ascent has been paused, with the asset sitting around $63,000. It remains 2% up on the day, boosting its market capitalization to $1.25 trillion. However, its dominance over altcoins has decreased slightly to 54.3%, down from over 55% yesterday—the highest level in nearly four years.

Altcoin Performance: SOL and AVAX Shine

While most altcoins have been trailing Bitcoin recently, several have made impressive gains today, with Solana (SOL) and Avalanche (AVAX) leading the charge. Both assets have surged by approximately 9%, reaching $151 and $28, respectively.

• Chainlink: +5%
• Ethereum (ETH): +9% to a peak of $2,550
• Top Daily Increases:
  • TAO: +15%
  • APT: +12%
  • CORE: +12%
  • JUP: +11%
  • SUI: +11%
  • LDO: +11%

Market Overview

The total cryptocurrency market capitalization has gained an additional $70 billion overnight, now exceeding $2.3 trillion according to CoinGecko. This upward momentum highlights the increasing investor interest and confidence in the crypto market.