Bitcoin
The rise in BTC’s price could be a result of the anticipation of a rate cut, alleviating market concerns.
The main reason for the rise in cryptocurrency prices is the certainty of a rate cut by the Federal Reserve. The probability of a rate cut by the Federal Reserve in September is 98%.
Bitcoin’s price gains come after a period of pressure that saw it fall to a low of around $54,000 earlier this month. Although Bitcoin is currently up only around 3% on a monthly basis, it has risen more than 18% in the past two weeks.
Altcoins rebounded strongly yesterday
Leading the gains were memecoins Bonk (BONK) and Mog Coin (MOG), which rose 20% and 15% respectively. On a weekly basis, both projects also saw profits of up to 40%.
Arweave (AR) and Sei (SEI) were also standout altcoins on the day, rising by more than 10%.
Other projects in the top 100 include: Fantom (FTM), Jupiter (JUP), Brett (BRETT), JasmyCoin (JASMY), Floki (FLOKI), The Graph (GRT), Solana (SOL), Helium (HNT), NEAR Protocol (NEAR), Optimism (OP), League of Artificial Superintelligence (FET), Notcoin (NOT), Bittensor (TAO), ORDI (ORDI), Sui (SUI), Flow (FLOW), Aptos (APT), Dogwifhat (WIF), Immutable (IMX), Gala (GALA)... increased by 5-9%.
Ethereum (ETH) bulls continue to make another attempt 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.
(Personal opinion, not a recommendation)
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