Ethereum (ETH) recorded a blistering rally of over 15% in the past 24 hours and surpassed its 2021 all-time high of $4,869.47 on Aug. 22.
As of press time, the second-largest crypto was trading at a high of $4,888 and was continuing to move upward.
Federal Reserve Chair Jerome Powell prompted the price increase after signaling potential interest rate cuts at the Jackson Hole symposium. After Powell’s dovish remarks in Wyoming, the crypto market rallied more than 4% within the hour to reclaim the $4 trillion mark.
The Fed Chair stated that “the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” sparking widespread speculation about September rate cuts.
Odds on Polymarket of a potential 25 basis point cut in Sept. 17 jumped from 57% to 79% in a few hours after Powell’s speech.
UBS analysts noted that Powell’s dovish remarks represent “the framing and justification of an inflection in policy bias,” with the Fed Chair shifting mandate emphasis from inflation to employment concerns.
Market-Wide Rally
Bitcoin jumped more than 4% over the past 24 hours, climbing to roughly $117,000 as of press time.
Major cap altcoins followed Bitcoin and Ethereum. BNB recorded a new all-time high of $900 and is priced after climbing over 7% over the period, while XRP, Solana, and Dogecoin posted double-digit percentage gains.
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Author: Gino Matos
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