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Bitcoin and altcoins saw significant gains on Friday, propelling the cryptocurrency market's value up by $110 billion. The surge followed a FED announcement hinting at a potential rate cut, spurring investor optimism.
Crypto Market Gains $110 Billion Following FED Rate Cut Tease
The cryptocurrency market has now followed Wall Street's excitement on Friday, following Fed Chair Jerome Powell's Jackson Hole address in which he hinted at a shift and potential interest rate reductions next month, Coingape reports.
The total value of the cryptocurrency market has increased by more than $110 billion, thanks to a broadening crypto market boom that included Bitcoin and altcoins. Now, this weekend is being targeted by the Bitcoin price as a potential rise to $70,000.
Bitcoin's Price Surge Continues, Targeting $70,000
Bitcoin, the largest cryptocurrency asset class in the world, is definitely at the front of the market rally, with a price increase of 5.5% taking it to $65,000 and a daily trading volume surge of 66% to an unprecedented $43.1 billion.
More than $140 million was liquidated in short sales in the last 24 hours, with a total of more than $180 million liquidated across the crypto market, according to statistics from Coinglass. Therefore, it appears like everything is in place for Bitcoin's price to surge to $70,000 this weekend.
Spot Bitcoin ETFs See Inflows Surge After FED Comments
Institutional investors' enthusiasm for spot Bitcoin exchange-traded funds (ETFs) surged after Jerome Powell's remarks at Friday's Jackson Hole summit.
On Friday, spot Bitcoin exchange-traded funds (ETFs) received 3,943 BTC from the market, for a net inflow of $251 million. On the same trading day, almost $50 million poured into BlackRock's IBIT, Fidelity's FBTC, and Grayscale's BTC.
Another interesting fact is that on Friday, spot Bitcoin ETFs saw daily trading volumes over $3 billion. The crypto market rallied today as the Crypto Fear and Greed Index soared from the fear zone to the neutral zone of 56.
The alternative cryptocurrency market stands to gain the most from the recent comments made by Federal Reserve Chair Jerome Powell about the possibility of monetary easing. Whether the Federal Reserve chooses a 25 bps or 50 bps rate drop next month is something to look forward to.
Ethereum Leads Altcoin Rally with 4.5% Gain
The price of Ethereum has risen by almost 4.5 percent during this crypto market surge, and it is now trading at over $2,750 per coin, with a market valuation of $330 billion. And with a 61% increase, the daily trading volume of ETH has reached $16.8 billion.
Consequently, the bulls in Ethereum are planning to move towards $3,000. This week, prominent market analyst IncomeSharks revealed the top altcoins to invest in this year, predicting that a 5-10% change in Ethereum can set off a 50-100% boom in certain lesser-known cryptocurrencies.
Alt Season Begins as Ethereum and Altcoins Surge
Cardano (ADA) and Tron (TRX) have both seen price increases of 5%, while other altcoins like Shiba Inu (SHIB), Dogecoin (DOGE), and Solana (SOL) have all joined the crypto market surge with 6% gains apiece. Speculators may be preparing to load up on alts now that the alt season has officially begun.
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