Bitcoin Hits $64K as Solana Rises 9% Daily – Market Update

The recent surge in Bitcoin’s price, ignited by the US Federal Reserve’s interest rate reduction on Wednesday, propelled the asset to a multi-week high exceeding $64,000 just hours ago.

Altcoins followed this upward trend, with ETH surpassing $2,500 and BNB soaring above $570.

BTC Continues to Rise

This eagerly awaited business week commenced with a dip on Monday, which saw the leading cryptocurrency fall from over $60,000 to under $58,000 in a matter of hours. However, the bulls quickly regained control, driving the price back above $61,000 in anticipation of the Wednesday FOMC meeting.

Following the announcement that the US central bank would implement a 0.5% reduction in key interest rates, BTC experienced a rollercoaster of price fluctuations. Nonetheless, the bulls emerged victorious, triggering an impressive rally for Bitcoin.

As noted yesterday, the asset reached $63,000 for the first time in three weeks but continued its ascent, briefly breaching $64,000 earlier today, marking the first occurrence since late August.

However, its climb has paused for the moment, and BTC is now approximately $1,000 lower. It remains up 2% today, pushing its market capitalization to $1.250 trillion. Its dominance over the altcoins has, however, dipped to 54.3%, after climbing past 55% yesterday for the first time in nearly four years.

SOL, AVAX on the Move

While most altcoins lagged behind BTC in recent days, today they have shown more significant gains. Leading the pack are Solana and Avalanche, both experiencing a surge of around 9% to $151 and $28, respectively.

Chainlink and Ethereum both increased by 5%, with ETH achieving its own multi-week high at $2,550.

Remarkable daily increases have been noted for assets like TAO (15%), APT (12%), CORE (12%), JUP (11%), SUI (11%), and LDO (11%).

The total cryptocurrency market capitalization has gained an additional $70 billion overnight, now exceeding $2.3 trillion according to CoinGecko.