Price gains on the crypto market: BNB breaks record high
- In anticipation of interest rate cuts by the US Federal Reserve next week, the crypto market is gradually gaining momentum. The total market capitalization is up 1.6 percent daily to over $4.1 trillion.
- While the altcoin sector is experiencing some strong price increases, Bitcoin currently appears comparatively sluggish. The leading cryptocurrency is up 1.2 percent on the day, trading at $115,000.
- Ethereum is making somewhat more significant gains. The second-largest cryptocurrency is up three percent, just above $4,500. The ETH price is still about nine percent away from a new all-time high.
- With a rise above the $900 mark, the BNB price has once again achieved this milestone. A daily gain of 1.5 percent was enough for the Binance coin to set a new record high of $909. This also brings it a good deal closer to the $1,000 mark.
- The top performer among the ten largest cryptocurrencies is Solana, with an increase of around eight percent in the past 24 hours.
- A few days before the Fed's potential interest rate cut, investors are apparently gaining confidence. Learn more about the potential impact on the crypto market here: How the Fed's interest rate hike will affect the crypto market
- The timing here seems interesting: As indicators show, the altcoin season officially began yesterday.
- “The long-term chart for altcoins is very bullish,” comments crypto analyst Ted on X. “In the short term, altcoins could be rejected from their resistance levels, which would provide better entry opportunities. However, in the long term, altcoins will rise significantly higher,” he says.
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Sources
X-Post from Ted
