The cryptocurrency market experienced a significant surge on Friday, with Bitcoin (BTC) leading the charge by reaching an impressive peak of $64,853 per unit. This remarkable ascent was primarily attributed to U.S. Federal Reserve Chair Jerome Powell’s speech at Jackson Hole, where he hinted at the possibility of rate cuts in September. The positive sentiment spread across the entire crypto market, resulting in a 5.01% overall increase and pushing the total market capitalization to $2.24 trillion.
Bitcoin’s 5.3% daily gain was mirrored by other major cryptocurrencies, with Ethereum (ETH) climbing 5% and Dogecoin (DOGE) emerging as the top performer among the top ten cryptocurrencies with a 7.25% increase. The crypto market’s upward movement aligned with U.S. equities, as major indices like the Russell 2000, Nasdaq, and S&P 500 also saw significant gains.
While Bitcoin and other well-known cryptocurrencies grabbed headlines, several lesser-known tokens experienced even more dramatic price surges. Sun token (SUN) led the pack with an astounding 46.47% increase, followed by tellor (TRB) with a 31.27% boost over the 24-hour period. Other notable gainers included MEME, CKB, TURBO, SUI, MEW, and FET, each rising between 18.16% and 21.33% throughout the day.
This crypto market rally underscores the continued influence of macroeconomic factors, particularly central bank policies, on digital asset valuations. As investors interpret Powell’s comments as a sign of potential monetary easing, the crypto market’s response highlights its sensitivity to broader economic indicators and the ongoing interplay between traditional finance and the digital asset ecosystem.
