The highly anticipated Jackson Hole speech by Fed Chairman Jerome Powell met with enthusiasm from investors as investors poured billions into the cryptocurrency market.
Bitcoin jumped from bottom to top on more than five grounds, with some of the biggest altcoins surged to new all-time highs.
BTC has skyrocketed above $117K
The days leading up to the event were extremely tough, to say the least. Bitcoin opened Business Week with an immediate price drop, raising it from over $118,000 to over $115,000. The Bulls attempted a quick recovery, but BTC stopped at $117,000, bringing it to under $113,000 further south by Wednesday and Thursday.
The scenery deteriorated on Friday, hours before the Jackson Hole event. BTC dived again. This time, we reached the lowest position below $111,700 since early July.
However, as Powell took the stage, things began to change rapidly. He did not confirm that there would be interest rate cuts in September, but his statement was considered positive for future cuts, with BTC surgently rising to over $117,000 within minutes.
Since then, the traction has been lost, and is now below $116,000. It was still over 2% that day. The market capitalization is over $2.3 trillion, but its advantage over the Alts has gained another hit, down to 56.5%.
ETH, BNB to BNB
Perhaps the most important beneficiary of Powell’s speech from the large Alts was Ethereum. The second largest cryptocurrency was falling below $4,200 I went on a massive roll that day and took it to a new all-time high of around $4,900 (Coingecko hasn’t confirmed this, but it happened (In most exchanges).
Binance Coin is another ALT that shot and tapped a new peak of $900. SOL increased by 10%, ADA increased by 7%, Doge increased by 9%, SIU increased by 9%, XLM increased by 5.5%, and Avax was shipped 9%. XRP has recovered a vital resistance of $3.00.
With most other Altcoins making remarkable profits, it’s no wonder that over $200 billion has risen from yesterday’s low price, nearly $4.1 trillion in CG.
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