The cryptocurrency sector is getting a nice boost today from yesterday's commentary from Federal Reserve Chairman Jerome Powell. The market received a jolt from Powell's commentary in a press release; he suggested the direction of the next Fed move will most likely be lower. The market had previously priced in some chance of an interest rate hike, which appears to be off the table, at least for now. With a more accommodative monetary policy environment likely ahead, risk assets across the curve saw a big boost over the past 24 hours. Of course, the further out on the risk curve investors go, the more protracted this move can be. For top cryptos Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE), it's meant a 24-hour move of 3.8%, 2.2%, and 4%, respectively, as of 4 p.m. ET Thursday.
Additionally, there are some token-specific factors at play with these three tokens that investors appear to be pricing in today. Let's dive into what's moving these closely watched digital assets.
The rally continues
Since hitting a new all-time high right around the time of its most recent halving, Bitcoin's rally has faltered. Expectations for a potential continuation of this fall had taken hold because of economic factors that could affect the world's largest cryptocurrency.
But with interest rate hikes seemingly off the table, analysts have grown increasingly bullish on Bitcoin over the near and medium term. Lower interest rates should bring the U.S. dollar down, inflating the price of various commodities and goods that act as stores of value. For those who buy into this thesis for Bitcoin, that's a great thing. Indeed, yesterday's press conference likely had the greatest impact on Bitcoin for this very reason.
Ethereum's status as a commodity or store of value of sorts is also debatable. In second position in terms of market capitalization in this sector, Ethereum should benefit from a similar trend of capital flowing into cryptocurrencies that Bitcoin investors have benefited from. That's because the market is still expecting the Securities and Exchange Commission to approve spot Ethereum ETFs at some point (though some suggest it's possible the SEC could still deem this asset a security), which should improve the supply and demand dynamics around this token. As Ethereum has shifted to a proof-of-stake protocol and taken on some deflationary measures for its token, there's a strong bull case building in the market that the same drivers that took Bitcoin on its run to record highs could be in play for Ethereum this year. 
