After a dramatic U.S. presidential election, Bitcoin (BTC) surged to a new all-time high, reaching $76,600—a milestone that comes amid broader market optimism and speculation around an anticipated Federal Reserve interest rate cut. Ether (ETH), Ethereum’s native token, is enjoying even sharper gains, climbing 8% in the last 24 hours to nearly $2,870, breaking through the $2,300-$2,800 range where it had been previously stuck.
Joel Kruger, a market strategist at LMAX Group, suggests this rally signals a “more bullish development” for the entire crypto market, hinting at renewed momentum in the decentralized finance (DeFi) sector. “With BTC now above $75,000 and ETH back above $2,800, we could see a strong close to 2024 with a promising outlook for 2025,” Kruger noted.
Uptober: A Bullish Month for Digital Assets
This bullish sentiment follows what’s being dubbed “Uptober,” a month marked by rising stablecoin liquidity and increasing Bitcoin transactions. Other cryptocurrencies are following suit; Cardano (ADA) is up 10.4%, Polygon (POL) has risen 6.6%, and Solana (SOL), trading at $195, is edging closer to its 2021 peak, just 33% away from a new high.
The broader crypto market, represented by the CoinDesk 20 index of leading cryptocurrencies (excluding stablecoins and meme tokens), has gained 4.3% in the past 24 hours alone. This reflects a positive market environment, with optimism also lifting stocks like Core Scientific (CORZ) and MicroStrategy (MSTR) to new heights—Core Scientific surged over 11% on a recent earnings call highlighting the firm’s advancements in AI initiatives, while MicroStrategy is riding a 5.8% uptick, reaching its highest level in two decades.
FOMC Decision Looms Large
The Federal Reserve’s upcoming interest rate announcement adds suspense to the crypto market’s current highs. Investors widely anticipate a 25-basis-point rate cut, which would signal a more favorable environment for risk assets like cryptocurrencies. However, Fed Chair Jerome Powell’s commentary on inflation could induce fresh volatility, particularly as it’s his first post-election press briefing.
Looking Ahead
As crypto markets ride the wave of post-election optimism, eyes remain on the Fed’s next move and its impact on digital assets. With signs pointing toward sustained growth, Bitcoin, Ethereum, and Solana could set the stage for a strong close to 2024 and an encouraging start to the new year.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research and consult with a financial advisor before making investment decisions.
