The cryptocurrency market had a notable uptick for the second consecutive week, with top digital assets posting gains.
The crypto market portrays renewed strength after the September 18 news of the Federal Reserve’s 50 basis point cut on interest rates. The market sustained an upward trend except for Toncoin slipping into the red. The primary concern is whether the crypto rally will hold or if volatility still waits to strike.
The crypto market rebound is evident, with the large-cap digital assets realizing gains for a consecutive week. The global crypto market cap reclaimed $2.33 trillion, a significant reversal following the turbulent period that underscored the historical plunge in September.
The recent performance leaves Bitcoin up 8.7% and Ethereum 16% in the week to exchange hands at $63,680 and $2,659, respectively. The market-wide surge illustrates renewed investor confidence, signaling potential growth in the future.
Crypto Signs of Life
Analysts view the US central bank’s decision to lower the rates as a positive catalyst for the crypto market activity, catapulting Bitcoin to trade near the month-long high.
In the wake of the dovish announcement by the Feds chair Jerome Powell, Avalanche (AVAX) leads the charge for top-20 digital assets with an impressive 17.1% gain over the past week. The AVAX surge yields a seven-day range at $22.99 – $28.58, lifting its market capitalization to $11.212 billion, per CoinGecko data.
Top 5 Cryptocurrencies Today:
| Name | Price | 24H (%) |
|---|---|---|
Bitcoin
(BTC)
| $29,078.00
| -3.19% |
Ethereum
(ETH)
| $1,948.11
| -4.71% |
Tether
(USDT)
| $1.00
| -0.03% |
BNB
(BNB)
| $295.60
| -1.51% |
Cardano
(ADA)
| $0.51
| -10.30% |
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Solan mirrors the ETH breakout rise by realizing a solid 12.3% surge in the week to attain a $127.41 – $151.50 range in the past seven days. Solana’s steady weekly climb leaves SOL teasing the $150 threshold.
Recent data per CoinGecko shows that SOL’s 24-hour price range hovers around $146 to $148, just shy of the $150. Solana is gaining upside traction driven by high-speed transactions and low fees, thus making it attractive to developers and users across the crypto ecosystem.
While the current Bitcoin price sits just above $63,500, the steady resurgence in the week paints an optimistic picture for the crypto industry in Q4. Binance Coin (BNB) – Binance exchange native token rose 8.0% to $590.44. With a weekly range of $529.72 – $598.65, BNB’s gain reflects its resilience despite the market fluctuations in early September.
The XRP token weathered the regulatory challenges to attain a modest rise of 3.4% in the week with a 7-day price range of $0.5667 – $0.6059 per CoinGecko data. Nonetheless, Toncoin (TON) defied the positive performance to register a relatively minor loss by dipping 0.7% in the past 7 days.
Bullish AI-Related Projects Outshine Crypto Market
A snapshot of the crypto market shows that crypto-powering AI-related projects topped the winners, with the category up 6.3% in the past 24 hours to test a $29.1 billion in total market value. Bittensor (TAO) outshone the AI-related peers with an 82% surge to $555.00, CoinGecko data shows.
Bittensor’s gigantic leap made the rally by peers seem modest. Notably, Artificial Superintelligence Alliance (FET) rose by 22.1% in the week trailing NEAR Protocol (NEAR) and Render (RENDER), which were up 27.8% and 25.9%, respectively.
Despite the broad rally, the present market conditions are constantly fluctuating and highly volatile, as TON exemplifies in its weekly decline. Investors should exercise caution since the two-week gains hardly guarantee sustained recovery.
The possibility of the crypto market witnessing future corrections is significant amid the looming uncertainty on the impact of the US November election outcome. The broader bullish reversal pattern suggests increasing investor optimism, allowing the crypto to recover from previous lows.
Beyond the volatility of the crypto market, most digital assets have sustained a monstrous green candle over the past two weeks. Sustaining the bullish momentum till the end of September could suggest a potential shift towards market stabilization in the short term.
Editorial credit: FellowNeko / Shutterstock.com
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