The speech by Federal Reserve Chair Jerome Powell at the Jackson Hole conference had a significant impact on the crypto market. The discussion on potential interest rate cuts led to increased prices of major digital assets.
Impact of Jerome Powell's Speech
Following Powell's speech, where he confirmed the potential for a September rate cut, Ethereum's price surged to a new record of $4,870, while Bitcoin's price rose to $117,000. The changes in future expectations acted as a catalyst for significant growth in the market.
Expectations for Altcoins
Analyst VirtualBacon noted that before the speech, the probability of a rate cut was estimated to be 71%, and after it increased to 90%. This change fueled interest in cryptocurrencies. Besides Bitcoin and Ethereum, significant altcoins like Solana and Cardano also showed double-digit increases.
Analysis: Ripple and Altseason
The price of XRP (Ripple) is rising alongside Bitcoin and Solana. VirtualBacon pointed out that the behavior of XRP indicates strength in the market during altseason. According to him, current market conditions have historically preceded substantial movement, as large altcoins tend to lead others.
The expected rate cut could lead to increased liquidity in the market, thereby supporting the growth of altcoins. Powell's speech might mark the beginning of a new altseason in the crypto space.
