As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I can confidently say that Friday’s Jackson Hole speech by Jerome Powell has certainly added some spice to the already sizzling crypto market. The surge in Bitcoin and altcoins is reminiscent of a well-timed pumpkin spice latte on a crisp autumn day – invigorating, exciting, and a little unpredictable.
As an analyst, I’ve noticed a contagious enthusiasm sweeping through the cryptocurrency market following Jerome Powell’s speech at Jackson Hole on Friday. The Fed Chair subtly hinted at a potential policy shift and imminent interest rate reductions, causing a stir on Wall Street that seems to have rubbed off on the crypto sphere. This has ignited a broader rally in Bitcoin and altcoins, pushing the total market capitalization up by approximately $110 billion. Currently, I’m keeping a close watch on Bitcoin’s trajectory, with its price showing signs of aiming for another surge towards $70,000 before the weekend wraps up.
Bitcoin Price Surge Leads the Crypto Market Rally
bitcoin, the most significant category of cryptocurrencies, is currently spearheading the market surge. The BTC price has climbed 5.5%, reaching approximately $65,000, and daily trading volumes have skyrocketed by an astounding 66% to a whopping $43.1 billion. Data from Coinglass reveals that in the last day, over $180 million has been liquidated across the crypto market, with nearly $140 million of those being short liquidations. This suggests that Bitcoin could potentially reach $70,000 by the weekend based on current trends.
After Jerome Powell’s speech at the Jackson Hole meeting on Friday, there was an increase in institutional interest in Bitcoin Spot ETFs. On that day alone, these ETFs received a significant inflow of approximately $251 million, which translated to 3,943 Bitcoins purchased from the open market. Notably, BlackRock’s IBIT, Fidelity’s FBTC, and Grayscale’s BTC all experienced inflows exceeding $50 million during a single trading day.
Today marks a significant milestone for U.S. Bitcoin Exchange-Traded Funds (ETFs), with a combined inflow of approximately $251 million and over 3,943 Bitcoins added to various Bitcoin ETFs such as $IBIT, $FBTC, $ARKB, $BITB, $GBTC, and others. This is also known as “HODL” (hold on for dear life) strategy in the crypto community, with some referring to it as $BRRR (buy, realize returns, reinvest, repeat) or $BTCO (Buy The Coin, Offload).
— HODL15Capital (@HODL15Capital) August 24, 2024
Furthermore, last Friday’s trading volume for spot Bitcoin ETFs surpassed $3 billion. Additionally, the Bitcoin Fear and Greed Index climbed into the neutral range of 56-100, moving away from the fearful state.
Altcoins Cheer The Jackson Hole Powell Speech
Given Jerome Powell’s suggestions pointing towards monetary loosening, it appears that the altcoin market stands to gain significantly as the increased money supply in the market takes effect. It will be intriguing to observe if the Fed decides on a 0.25% or 0.50% reduction in interest rates next month.
In the recent surge of the cryptocurrency market, the price of Ethereum has climbed over 4.5%, currently hovering near $2,750. Its market capitalization stands at approximately $330 billion. Additionally, the daily trading volume has surged by 61% to reach around $16.8 billion. This upward trend could potentially push Ethereum towards the $3,000 mark. Notably, analyst IncomeSharks forecasted earlier this week that a 5-10% increase in Ethereum might spark a 50-100% rise in lesser-known altcoins.
If ETH increases by 5 to 10%, small-cap utilities might surge by 50 to 200%. Here are some potential investments:
— IncomeSharks (@IncomeSharks) August 20, 2024
As a crypto investor, I’ve noticed that coins like Solana (SOL), Dogecoin (DOGE), Shiba Inu (SHIB) have surged by about 6% each, and it seems Cardano (ADA) and Tron (TRX) are following suit with a 5% increase. This could be the start of an altcoin season as more investors appear to be gearing up, readying their altcoin portfolios.
#Altcoins looks ready to give us the Altseason we all have been waiting for
— Yoddha (@CryptoYoddha) August 23, 2024
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- USD COP PREDICTION
- EUR ILS PREDICTION
- CKB PREDICTION. CKB cryptocurrency
- ANKR PREDICTION. ANKR cryptocurrency
- PRIME PREDICTION. PRIME cryptocurrency
- SCOMP PREDICTION. SCOMP cryptocurrency
2024-08-24 08:06