Crypto Markets Add $70 Billion Daily as Bitcoin (BTC) Price Rises to 8-Week Peak (Market Watch)

Bitcoin’s price gains continued in the past 24 hours, and the asset shot up to almost $66,000 for the first time since August 1.

The altcoins are also in the green, with ETH nearing $2,700, while BNB has jumped above $600 amid rumors that Binance’s former CEO, CZ, will be released today.

Bitcoin Eyes $66K

The primary cryptocurrency has been on a roll since last Wednesday when the US Federal Reserve cut the interest rates by 50 basis points. At the time, the asset stood below $60,000 but quickly reclaimed that level and surged over $64,000 by last Friday.

It retraced and calmed during the weekend but the current business week began with another surge toward $65,000. However, BTC was stopped there twice – once on Monday and again on Wednesday, and pushed south to under $63,000 yesterday.

Still, the bulls kept their foot on the pedal and initiated another leg up in the past day. This culminated in bitcoin jumping above $65,000 and nearing $66,000 to mark an 8-week peak. This comes amid the growing demand for the spot Bitcoin ETFs in the States.

The price surge has pushed BTC’s market capitalization to $1.3 trillion on CG, while its dominance over the alts has remained at the same spot of 53.7%.

Bitcoin/Price/Chart 27.09.2024. Source: TradingView

Meme Coins on the Run

As reported before, today belongs to almost all reps of the meme coin industry. Currently, PEPE leads the way with an 18% surge that has pushed it well above $0.00001. FLOKI trails behind with a $16.5 increase, while Shiba Inu, although it has neared $0.0002, is up by 15.5%. Recall that SHIB had soared by over 20% at one point earlier today.

Dogecoin has shot up by more than 8% daily and now trades above $0.12 amid predictions that it could rise to $0.15. AVAX, UNI, LINK, BCH, and SOL have also posted impressive gains.

Ethereum and Binance Coin have added 1.5% of value and now trade above $2.660 and $605, respectively.

The total crypto market cap has increased by almost $70 billion in a day and is well above $2.3 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto