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Last night, the Fed’s signals about a potential interest rate cut caused market activity. Despite recent significant drops, the market seems to have visibly recovered today, reflecting in the charts, especially for Bitcoin. One altcoin that had been rising since last week started to decline, suggesting it might not correlate with BTC. So, what is happening with cryptocurrencies right now?
Bitcoin Price Update
The deep price drop in Bitcoin over the past weeks did not go unnoticed, but the price later recovered. The BTC price consolidated between $58,000 and $60,000 for a week after this period. Currently, it seems to be making another upward move with the support of the bulls.
In the last 24 hours, things took a positive turn, and BTC’s price rose by 4.71%. After the rise, the price reached $61,223. This price movement pushed the market cap back above $1.2 trillion, indicating a clear increase.
The 24-hour trading volume approached last week’s peak of $31.7 billion. BTC’s trading volume reached $28.1 billion, suggesting that investor interest might be returning.
Current Status of Altcoins
Altcoins also seemed to benefit from Bitcoin’s rise, visibly reflecting in the charts. Among the top altcoins, Ethereum showed a weaker rise compared to BTC.
ETH price rose by 2.33% today, surpassing $2,688 and eyeing $2,700. With the rise, the market cap exceeded $323 billion, and the 24-hour trading volume increased from $9.97 billion to $12.6 billion.
Binance’s native token, BNB, which reached an ATH of $720 in the past, also showed an increase. BNB price found buyers around $570 after a 6.92% rise in the last 24 hours. SOL also delighted its investors with a price increase today, rising by 4.13% in the last 24 hours to settle around $148.
Looking at XRP, it surpassed the $0.60 level again, a price it had reached after the recent SEC victory but couldn’t hold. XRP also became the top gainer among the top 10 altcoins with a 7.15% rise.
Surprisingly, the day’s loser was TON. After days of rising, TON’s price fell by 1.46% today, settling around $6.85. Despite this, it continues to hover around $7.
