BNB and Ether have reached new all-time highs, while Bitcoin surged, following Federal Reserve Chair Jerome Powell’s speech at Jackson Hole. Powell’s comments, which were seen as dovish, fueled a broad rally across the cryptocurrency market. The positive momentum has investors watching for further gains over the weekend.
Investors flooded billions into the cryptocurrency market in anticipation of Fed Chair Jerome Powell’s highly anticipated Jackson Hole speech.
The value of Bitcoin increased by more than five thousand dollars from its low point to its peak, while several of the most significant altcoins reached new all-time highs.
BTC Soared to Over $117K
The days preceding the event were quite bleak. Bitcoin experienced an instantaneous price decline that decreased from over $118,000 to $115,000 at the commencement of the business week. Despite the bulls’ efforts to recover swiftly, BTC was halted at $117,000 and further eroded to below $113,000 by Wednesday and Thursday.
The landscape deteriorated on Friday, hours before the Jackson Hole event. BTC plunged once more to its lowest level since early July, below $111,700.
However, the situation began to evolve as Powell assumed the stage rapidly. Although he did not explicitly state that there would be rate cuts in September, his statements were interpreted as encouraging future reductions, and BTC surged to over $117,000 within minutes.
It has since lost momentum and is currently trading below $116,000, although it is still up by more than 2% daily. Its market capitalization exceeds $2.3 trillion; however, its market share over alternative assets has declined to 56.5%.
New ATHs for ETH and BNB
Ethereum was potentially the most significant benefactor of Powell’s speech among the larger-cap alts. Earlier today, the second-largest cryptocurrency experienced a decline below $4,200.
However, it subsequently experienced a significant surge, resulting in a new all-time high of approximately $4,900 (although CoinGecko has not confirmed this, it was observed on most exchanges).
Binance Coin is another alt that shot up and reached a new peak of $900. SOL has gained 10%, ADA is up by 7%, DOGE by 9%, SIU by 9%, XLM by 5.5%, and AVAX has shipped by 9%. XRP has successfully reclaimed the critical resistance of $3.00.
Unsurprisingly, the total crypto market cap has increased by over $200 billion since yesterday’s nadir. Given the significant gains made by most altcoins, it is now nearly $4.1 trillion on CG.
