Bitcoin's price hit a multi-week peak of $64,000 after the US Federal Reserve cut interest rates by 0.5%. Following Bitcoin, altcoins also demonstrated significant growth, including Solana and Avalanche.
Bitcoin's Surge
Bitcoin had a challenging start to the week as its price initially dropped below $58,000. However, by mid-week, the bulls took control, and the price rebounded to $61,000 ahead of the Federal Open Market Committee meeting. After the Federal Reserve announced a 0.5% interest rate cut, Bitcoin showed significant growth, reaching $63,000 and then $64,000. The price has slightly decreased but remains above the $60,000 threshold. Bitcoin's market capitalization stands at $1.250 trillion, and its market dominance is at 54.3%.
Success of Solana and Avalanche
Following Bitcoin, many altcoins also showed significant growth. Leading the charge were Solana and Avalanche, which increased by 9% to $151 and $28, respectively. Chainlink and Ethereum grew by 5%, with ETH reaching a multi-week peak of $2,550. The most impressive daily gains were seen in TAO (15%), APT (12%), CORE (12%), JUP (11%), SUI (11%), and LDO (11%).
Overall Growth of the Crypto Market
The overall cryptocurrency market capitalization increased by $70 billion overnight and now exceeds $2.3 trillion.
The growth of Bitcoin and other cryptocurrencies shows a positive trend despite short-term fluctuations. Altcoins are following Bitcoin, showing impressive gains, and the overall market sentiment remains positive.
Comments