The cryptocurrency market has experienced a significant surge following the U.S. Federal Reserve’s decision to reduce interest rates by 50 basis points. This move has sparked an upward trend, with Bitcoin (BTC) breaking past the $62,000 level, attracting substantial investor interest. Similarly, Ethereum (ETH), Solana (SOL), and XRP have seen gains ranging from 1% to 4%. In the past 24 hours, the total market value of cryptocurrencies has increased by 3%, reaching $2.14 trillion.
BTC Price Continues Its Climb Bitcoin’s price has surged by nearly 3% in the last 24 hours, with BTC currently trading at $62,151. The daily low was recorded at $59,218.25, while the high reached $62,578.77. This positive momentum has generated optimism among investors, despite Bitcoin ETF outflows totaling $52.83 million. Interestingly, Bitcoin’s market dominance has also risen by 0.14%, reaching 57.33%, highlighting its influence in the crypto space. Notably, Skybridge Capital founder Anthony Scaramucci predicts that BTC could reach $100,000 in the near future.
With these encouraging trends, crypto investors are keeping a close eye on market movements, eagerly anticipating further gains. As always, The Bit Journal advises conducting thorough research before making any investment decisions.
