The eagerly awaited Jackson Hole address by Fed Chair Jerome Powell was met with great excitement from investors, who infused billions into the cryptocurrency market.
Bitcoin surged over five thousand dollars from its low to high, while several major altcoins reached new all-time records.
BTC Surged Above $117K
The days leading up to the event were rather bleak. Bitcoin began the business week with an immediate drop, falling from over $118,000 to $115,000. Although bulls attempted a quick rebound, BTC was halted at $117,000 and plunged further to below $113,000 by Wednesday and Thursday.
The situation deteriorated on Friday, just hours before the Jackson Hole event, with BTC dipping again to its lowest point since early July, at under $111,700.
However, as Powell took the stage, the dynamics shifted rapidly. While he did not confirm September rate cuts, his remarks were viewed positively for potential future reductions, causing BTC to soar within minutes to over $117,000.
Since then, it has retraced slightly but remains below $116,000, still showing over 2% growth for the day. Its market cap exceeds $2.3 trillion, although its dominance over altcoins has declined to 56.5%.
ETH, BNB Reach New ATHs
Arguably the most significant beneficiary of Powell’s speech among large-cap altcoins was Ethereum. The second-largest cryptocurrency had briefly dipped below $4,200 earlier in the day but then surged to a new all-time high of approximately $4,900 (this has yet to be confirmed by CoinGecko, but it appeared on most exchanges).
Binance Coin also experienced a significant rise, hitting a new peak of $900. SOL gained 10%, ADA rose by 7%, DOGE by 9%, SIU by 9%, XLM by 5.5%, and AVAX increased by 9%. XRP successfully reclaimed a key resistance level of $3.00.
With most other altcoins posting substantial gains, it’s no surprise that the total crypto market cap has increased by over $200 billion since yesterday’s low, nearing $4.1 trillion on CG.
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