The crypto market has now joined the euphoria visible on Wall Street on Friday soon after the Jackson Hole speech from Jerome Powell where the Fed Chair gave clear hints of a pivot and interest rate cuts in the coming month. Bitcoin and altcoins together have staged a broader crypto market rally adding over $110 billion to the overall crypto market cap. The Bitcoin price is now eyeing a rally to $70,000 during this weekend.
Bitcoin Price Surge Leads the Crypto Market Rally
The world’s largest crypto asset class Bitcoin is clearly leading the rally with the BTC price up 5.5% moving all the way to $65,000 levels with the daily trading volumes surging by a massive 66% at a staggering $43.1 billion. In the last 24 hours, the Coinglass data shows that more than $180 million have been liquidated across the crypto market, with more than $140 million in short liquidations. Thus, the stage seems all set for a Bitcoin price rally to $70,000 over the weekend.
Following the Jerome Powell speech after the Jackson Hole meeting on Friday, the institutional interest in spot Bitcoin ETFs also shot up. The net inflows in spot BTC ETFs on Friday stood at a staggering $251 million scooping up a total of 3,943 BTC from the open market. BlackRock’s IBIT, Fidelity’s FBTC, and Grayscale’s BTC, all saw inflows of more than $50 million in a single trading day.
✅ Huge day for U.S. Bitcoin ETFs 👇 +$251 million & 3,943 $BTC$IBIT $FBTC $ARKB $BITB $GBTC $BTC $HODL $BRRR $BTCO pic.twitter.com/ALEzyM1YmP
— HODL15Capital 🇺🇸 (@HODL15Capital) August 24, 2024
Also, the daily trading volumes in the spot Bitcoin ETFs on Friday stood upwards of $3 billion. Besides, the Bitcoin Fear and Greed Index also shot up from the fear to the neutral zone of 56/100.
Altcoins Cheer The Jackson Hole Powell Speech
With Fed Chair Jerome Powell hinting at a move toward monetary easing, the altcoin market is likely to benefit the most from the surge of the currency supply in the market. It will be interesting to see whether the Fed opts for a 25 bps or a 50 bps rate cut next month.
In this crypto market rally, the Ethereum price has also gained more than 4.5% and is currently trading around $2,750 levels with a market cap of $330 billion. Also, the ETH daily trading volume is up by 61% moving all the way to $16.8 billion. As a result, the Ethereum bulls would soon be eyeing a move towards $3,000. Earlier this week, popular market analyst IncomeSharks said that a 5-10% move in Ethereum can trigger a 50-100% rally in some lesser-known altcoins.
Think if we see $ETH make a 5 to 10 % move up we’ll see some utility microcaps pull a 50 to 200% move. Some decent entries I’m looking at.$APES – Risk management platform$CNDL – Automated trading with fund#M87 – AI GPU nodes and decentralized apps$SHEZMU – Defi and lending pic.twitter.com/9POPnzPvrV
— IncomeSharks (@IncomeSharks) August 20, 2024
Other altcoins like Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB) have also joined the crypto market rally with 6% gains each, while Cardano (ADA) price and Tron (TRX) price is up by 5% each. This could finally be the beginning of the alt season going ahead with investors packing their alt bags.
#Altcoins looks ready to give us the Altseason we all have been waiting for pic.twitter.com/DXfTBGyOy2
— Yoddha (@CryptoYoddha) August 23, 2024
Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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