30s Summary

Bitcoin has reached a new high of $76,600, influenced by Donald Trump’s election win and expectations of a cut in the federal interest rate. In the last 24 hours, ether surged by 8%, just ahead of the Federal Reserve meeting. Other top cryptocurrencies are up by 4.3%, with Ethereum’s ether outperforming the rest. Experts predict a bullish development for the digital currency market. Other cryptocurrencies such as Cardano’s ADA and Polygon’s POL also saw a surge. This uplift comes prior to the Federal Open Market Committee’s decision, which could impact the digital market further.

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Bitcoin has hit a new record high, gaining momentum following Donald Trump’s U.S. presidential election win. In the last 24 hours, ether has surged by 8%, topping the charts right before the Federal Reserve policymakers’ meeting.

Bitcoin is currently up by 2.3%, trading at $76,600, influenced by Trump’s win and market predictions that the Federal Reserve is likely to announce a 0.25% federal interest rate cut following a meeting of the Federal Open Market Committee. Bitcoin’s last record high was less than a day ago at $76,480, marking a smashing hit on a seven-month-old record.

Other coins are also doing well. CoinDesk 20, an index of the leading 20 cryptocurrencies by market capitalization (excluding stablecoins, exchange tokens and meme coins), is now up 4.3% in the last 24 hours. Surprisingly, Ethereum’s ether has outperformed others in the index. Ether, the largest smart contract platform, has surged by 8% pushing its price to nearly $2,870.

Beyond Bitcoin’s push, there could be a possible bullish development in the market. “The crypto market is looking for a resurgence in the decentralized finance space, with Ethereum playing an integral part in this initiative,” as stated by Joel Kruger, market strategist at LMAX Group. He also predicts a positive outlook for 2025.

Other cryptocurrencies seeing a surge include Cardano’s ADA (up by 10.4%), Polygon’s POL (up by 6.6%), and Solana, inching towards new highs with a 5% increase, trading at $195. Bitcoin mining firm Core Scientific (CORZ) surged by more than 11%, while MicroStrategy (MSTR) gained by 5.8%, reaching a new 20-year high. Meanwhile, Coinbase (COIN) accumulated only a 1.1% increase.

Price amelioration happened right before the FOMC decision, which could impact digital asset markets. A predicted 25 basis points decline in interest rates by the Fed and Jerome Powell’s first press conference on policy and inflation, post-Trump’s election win, could stir up the market.