Bitcoin and Ethereum Surge as Crypto Market Gains Momentum
Crypto 7 days ago
Bitcoin surged past $122,000, marking a significant milestone despite earlier sell-offs that briefly pushed prices below $120,000. Ethereum followed closely, trading at $4,750 and just 3% shy of its 2021 peak. Both cryptocurrencies outperformed, with ETH gaining 4.5% in 24 hours compared to BTC’s 2.3%. The rally extended to altcoins like Solana and Uniswap, which saw gains of 5%-6%.
Market strategists point to supportive macro conditions, including softer inflation signals and expectations of Fed rate cuts. The S&P 500 and Nasdaq hovering near all-time highs further buoyed investor confidence. Analysts at 10x Research noted the favorable backdrop for risk assets, citing tightening credit spreads and improving loan growth. The Federal Reserve’s potential pivot could accelerate capital rotation into high-beta assets like crypto.
Traders now anticipate a 25 basis point rate cut in September, with growing pressure for deeper easing. Bitcoin and equities are already reacting, but analysts believe the market hasn’t fully priced in the upcoming shifts. The crypto rally reflects broader optimism, with investors eyeing sustained momentum as macro conditions align.