Bitcoin price touched $64 000
Following a decision by the US Federal Reserve to lower interest rates on Wednesday, Bitcoin witnessed a surge that propelled its value to a multi-week high of just over $64,000 a few hours ago.
In its wake, other digital currencies rallied too, with Ethereum breaking the $2,500 barrier and Binance Coin eclipsing the $570 mark.
The week, filled with anticipation, began with a downturn on Monday, causing the leading digital currency to drop from above $60,000 to below $58,000 within a short period. Nonetheless, market optimists rapidly regained momentum, driving the price above $61,000 right before the Federal Open Market Committee (FOMC) meeting on Wednesday.
Following the meeting, where the U.S. central bank announced a significant decrease in the benchmark interest rates by 0.5%, Bitcoin experienced a tumultuous journey of fluctuations. Nevertheless, the bulls maintained dominance, propelling Bitcoin into a remarkable upswing.
As highlighted in yesterday’s update, the cryptocurrency reached $63,000 for the first time in three weeks. It continued its upward trajectory, briefly surpassing $64,000 earlier today, a level not seen since the end of August.
However, its climb has momentarily paused, and Bitcoin's price has receded slightly, though it remains 2% higher than yesterday, elevating its market valuation to $1.250 trillion. Despite this, its supremacy over other cryptocurrencies has dipped to 54.3% after peaking over 55% yesterday for the first time in nearly four years.
Although most alternative coins lagged behind Bitcoin in the recent days, today they've recorded notable gains, especially Solana and Avalanche, each climbing by approximately 9% to $151 and $28, respectively.
Chainlink and Ethereum have both seen a 5% increase in value, with Ethereum reaching a new multi-week high of $2,550.
Today’s standouts include TAO (15%), APT (12%), CORE (12%), JUP (11%), SUI (11%), and LDO (11%) with the largest day-over-day growth.
The total valuation of the cryptocurrency market has expanded by $70 billion overnight, now standing above $2.3 trillion.
