Crypto Market Rally: Bitcoin Price, Altcoins See Strong Surge After Fed Rate Cut Hint

Highlights

Altcoins likely to benefit the most from Fed rate cuts in September with recent rally suggesting alt season ahead.
Spot Bitcoin ETF inflows shot up to $250 million on Friday with trading volumes above $3 billion.
Fed chair Jerome Powell's rate cut hints sends risk-on markets into a state of euphoria.

Following the Jackson Hole meeting on Friday, Fed chair Jerome Powell clearly hinted towards the central bank’s pivot and upcoming interest rate cuts. Along with Wall Street, the announcement sent the crypto market rallying adding over $110 billion to investors’ wealth. Also, the Bitcoin price made strong gains and is eyeing a move toward $70,000 by the weekend with altcoins eyeing similar gains.

Bitcoin Price Surge Leads the Crypto Market Rally

The world’s largest crypto asset class Bitcoin is clearly leading the market rally with the BTC price up 5.5% moving all the way to $65,000 levels with the daily trading volumes surging by a massive 66% at a staggering $43.1 billion. In the last 24 hours, the Coinglass data shows that more than $180 million have been liquidated across the crypto market, with more than $140 million in short liquidations. Thus, the stage seems all set for a Bitcoin price rally to $70,000 over the weekend.

Following the Jerome Powell speech after the Jackson Hole meeting on Friday, the institutional interest in spot Bitcoin ETFs also shot up. The net inflows in spot BTC ETFs on Friday stood at a staggering $251 million scooping up a total of 3,943 BTC from the open market. BlackRock’s IBIT, Fidelity’s FBTC, and Grayscale’s BTC, all saw inflows of more than $50 million in a single trading day.

✅ Huge day for U.S. Bitcoin ETFs 👇 +$251 million & 3,943 $BTC $IBIT $FBTC $ARKB $BITB $GBTC $BTC $HODL $BRRR $BTCO pic.twitter.com/ALEzyM1YmP

— HODL15Capital 🇺🇸 (@HODL15Capital) August 24, 2024

Also, the daily trading volumes in the spot Bitcoin ETFs on Friday stood upwards of $3 billion. The Crypto Fear and Greed Index shot up from the fear to the neutral zone of 56 today, leading to a crypto market rally.

Altcoins Cheer The Jackson Hole Powell Speech

With Fed Chair Jerome Powell hinting at a move toward monetary easing, the altcoin market is likely to benefit the most from the surge of the currency supply in the market. It will be interesting to see whether the Fed opts for a 25 bps or a 50 bps rate cut next month.

In this crypto market rally, the Ethereum price has also gained more than 4.5% and is currently trading around $2,750 levels with a market cap of $330 billion. Also, the ETH daily trading volume is up by 61% moving all the way to $16.8 billion. As a result, the Ethereum bulls would soon be eyeing a move towards $3,000. Earlier this week, popular market analyst IncomeSharks said that a 5-10% move in Ethereum can trigger a 50-100% rally in some lesser-known cryptocurrencies, along with the best altcoins to buy this year.

Think if we see $ETH make a 5 to 10 % move up we'll see some utility microcaps pull a 50 to 200% move. Some decent entries I'm looking at.$APES – Risk management platform$CNDL – Automated trading with fund#M87 – AI GPU nodes and decentralized apps$SHEZMU – Defi and lending pic.twitter.com/9POPnzPvrV

— IncomeSharks (@IncomeSharks) August 20, 2024

Other altcoins like Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB) have also joined the crypto market rally with 6% gains each, while Cardano (ADA) price and Tron (TRX) price is up by 5% each. This could finally be the beginning of the alt season going ahead with investors packing their alt bags.

#Altcoins looks ready to give us the Altseason we all have been waiting for pic.twitter.com/DXfTBGyOy2

— Yoddha (@CryptoYoddha) August 23, 2024

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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