The highly anticipated Jackson Hole speech by Fed Chair Jerome Powell was met with massive enthusiasm by investors as they poured billions into the cryptocurrency market.
Bitcoin jumped by over five grand from bottom to top, while some of the biggest altcoins rocketed to new all-time highs.
The days leading to the event were quite grim, to say the least. Bitcoin opened the business week with an immediate price drop that drove it from over $118,000 to $115,000. Although the bulls tried to stage a quick recovery, BTC was stopped at $117,000 and driven south even harder to under $113,000 by Wednesday and Thursday.
The landscape worsened on Friday, hours before the Jackson Hole event. BTC dived once more, this time to its lowest position since early July of under $111,700.
As Powell took the stage, though, the situation started to change quickly. Although he didn’t confirm that there would be rate cuts in September, his statements were regarded as positive for future reductions, and BTC skyrocketed within minutes to over $117,000.
It has lost some traction since then and now sits below $116,000; it’s still over 2% up on the day. Its market cap is above $2.3 trillion, but its dominance over the alts has taken another hit and is down to 56.5%.
Perhaps the most significant beneficiary of Powell’s speech from the larger-cap alts was Ethereum. The second-largest cryptocurrency had dipped below $4,200 earlier in the day but went on a massive roll, taking it to a new all-time high of roughly $4,900 (although CoinGecko hasn’t confirmed this, it occurred on most exchanges).
Binance Coin is another alt that shot up and tapped a new peak of $900. SOL has gained 10%, ADA is up by 7%, DOGE by 9%, SIU by 9%, XLM by 5.5%, and AVAX has shipped by 9%. XRP has reclaimed a crucial resistance of $3.00.
With most other altcoins charting notable gains, it’s no wonder that the total crypto market cap has added over $200 billion since yesterday’s low and is close to $4.1 trillion on CG.
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