The repercussions of Fed Chair Jerome Powell's speech sparked waves of enthusiasm among investors, reflected in significant cryptocurrency price increases.
BTC Price Surge After Powell's Speech
Before the week began, Bitcoin's price saw a notable drop, falling from above $118,000 to $115,000. However, following Jerome Powell's speech, in which he did not confirm plans for rate cuts, Bitcoin surged to $117,000. As of now, Bitcoin is holding just below $116,000.
Altcoins Reach New All-Time Highs
Ethereum, for example, soared to a new all-time high of around $4,900, and Binance Coin reached $900. At the same time, other altcoins such as SOL, ADA, DOGE, and XLM also recorded significant gains in the 5-10% range.
Overall Trends in the Crypto Market
The total crypto market capitalization has increased by over $200 billion, nearing $4.1 trillion. Amidst this, Bitcoin is losing some ground with its dominance decreasing to 56.5%.
Jerome Powell's speech and its impact on the cryptocurrency market illustrate a high level of investor reaction, leading to substantial changes in the prices of leading cryptocurrencies.
