Among the notable developments, the market’s leading altcoin skyrocketed above the $4,700 mark while recording double-digit gains and edging closer to the $4,878 record highs it reached during the last crypto bull cycle four years ago.
Powell’s remarks during his speech at the Jackson Hole Economic Symposium suggested that rate cuts could be on the horizon, a sentiment that tends to favor assets like Bitcoin and altcoins.
The positive market sentiment was not limited to Bitcoin and Ethereum; other altcoins also enjoyed substantial price increases. XRP rose by 5%, Solana (SOL) saw a 4% gain, and Binance Coin (BNB) surged by 8%, reaching a new record price beyond the $882 mark, which now serves as a resistance level for the token.
He emphasized that the market mood is likely to be highly responsive to comments from the Jackson Hole meeting of monetary authorities and any subsequent reactions from fiscal authorities.
On social media platform X (formerly Twitter), market experts weighed in on the implications of Powell’s statements highlighting what could come next for the broader cryptocurrency market.
He cautioned that a “sell the news” reaction could soon occur, as traders might capitalize on the gains made in anticipation of these developments.
As of this writing, Ethereum is trading at $4,740. It has the best performance of the day among the top cryptocurrencies, with a significant 13% uptrend witnessed in today’s trading session.
Bitcoin, on the other hand, is still far from the record $124,000 level reached last week, despite its 4% surge in the last 24 hours. Trading at $116,000, Bitcoin is still 6% below its all-time high.
Featured image from DALL-E, chart from TradingView.com
