Bitcoin

The rise in BTC’s price could be a result of the expected rate cut factor, alleviating market concerns.

The main reason for the rise in cryptocurrency prices is the certainty of the Fed’s rate cut. The probability of a rate cut by the Fed in September is 98%.

The rise in Bitcoin’s price comes after a period of pressure. Earlier this month, it fell to a low of around $54,000. Although Bitcoin is currently only up around 3% on a monthly basis, it has risen by more than 18% in the past two weeks.

Altcoins rebounded strongly yesterday

The leaders of the gains were memecoins $BONK and MOG, which rose by 20% and 15% respectively. On a weekly basis, the profits of both projects were as high as 40%.

$AR and $SEI were also outstanding altcoins on the day, rising by more than 10%.

Ethereum #ETH

The bulls continue to try again to push the price above $3,500. However, after hitting a local peak at $3,540, the momentum faded and ETH is currently back around $3,485.