Bitcoin (BTC) Price Hits $64,000, Solana (SOL) Explodes 9% Daily (Market Watch)

The rally in Bitcoin prices that began after the US Fed cut interest rates on Wednesday took the asset to a multi-week high above $64,000.

Altcoins also followed suit, with ETH breaking above $2,500 and BNB breaking above $570.

BTC continued to pump

This much-anticipated trading week started with a pullback on Monday that saw the major cryptocurrency fall from over $60,000 to below $58,000 in hours. However, the bulls quickly regained control of the market and pushed the asset above $61,000 ahead of Wednesday’s FOMC meeting.

After it concluded that the US central bank announced a 0.5% cut in key interest rates, BTC went on a rollercoaster ride with several up and down moves. Still, the bulls came out stronger, at least for now, and started an impressive rally for bitcoin.

As reported yesterday, the asset gained $63,000 in the first three weeks. However, it continued to add value and briefly topped $64,000 today for the first time since late August.

However, its rise has stalled for now and BTC is now about a grand lower. That’s still up 2% on the day, pushing its market cap to $1.25 trillion. Its dominance over the highs, however, has narrowed to 54.3% after surpassing 55% yesterday for the first time in almost four years.

Bitcoin/Price/Chart 20.09.2024. source; TradingView SOL, AVAX on the Run

Most of the altcoins were lagging behind BTC for the past few days, but they posted more impressive gains today. The pack is led by Solana and Avalanche. Both are up about 9% to $151 and $28, respectively.

Chainlink has added 5% in value, and so has Ethereum. In fact, ETH has soared to a multi-week high at $2,550.

The most impressive daily increases come from TAO (15%), APT (12%), CORE (12%), JUP (11%), SUI (11%) and LDO (11%).

The total crypto market capitalization has gained another $70 billion overnight and is now over $2.3 trillion in CG.

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