BTC Price Soars to $118K After Fed Rate Cut, BNB Hits $1K: Market Watch

Bitcoin’s price reacted in a rather muted manner immediately after the US Fed announced the rate cuts yesterday, but jumped to a new multi-week high of almost $118,000 in the following hours.

Many altcoins have produced impressive gains over the past day, and BNB has stolen the show again as it marked a new ATH at just over $1,000.

BTC Eyes $118K

Bitcoin’s gradual price increase began at the beginning of the previous business week. At the time, the asset dipped to just under $111,000, but that support held the price, and it started to recover almost immediately. By Friday, it had climbed to $116,000 but faced some resistance there from the bears.

It couldn’t continue upwards during the weekend but tapped $116,800 on Monday morning, only to be pushed south to $114,400 later that day. The bulls reemerged at that point and didn’t allow another breakdown. Just the opposite, BTC started to gain traction and jumped to $117,200 yesterday ahead of the highly anticipated FOMC meeting.

In the hours leading to the Fed’s announcement, bitcoin lost some ground and dipped to $114,800. However, it had recovered to roughly $116,000 when the US central bank outlined a 25 bps rate cut, as many anticipated.

At first, bitcoin remained relatively still but jumped during the early morning Thursday session to a new multi-week peak of almost $118,000. It was stopped there, for now at least, and sits at just over $117,000 as of press time.

Its market cap has risen to $2.335 trillion on CG, but its dominance over the alts has taken a big hit and is down to 55.6%.

BNB Taps $1K

The declining BTC dominance means that many alts have outperformed it over the past day. This is particularly true for PENGU (14%), M (13%), AVAX (9%), and SUI (8%), which lead in terms of daily gains.

HYPE, BCH, HBAR, LINK, SOL, DOGE, and ADA have charted price increases of up to 6%. BNB has added 4.5% on a daily scale, but managed to break through $1,000 to chart a new all-time high earlier today. Ethereum is close to $4,600, while XRP is at $3.1.

The total crypto market cap is up by $60 billion since yesterday and is above $4.2 trillion on CG.