Bitcoin's price peaks at $118,000 following the Federal Reserve's interest rate decrease, while Binance Coin (BNB) reaches $1,000, according to Market Watch reports.
In the realm of cryptocurrencies, Bitcoin has been capturing attention with its recent price fluctuations. As of the time of this report, the digital currency is comfortably positioned above the $117,000 mark.
The price surge began at the start of the previous business week, with Bitcoin gradually climbing its way up. On Monday morning, Bitcoin touched $116,800, but encountered resistance from the bears and was pushed south to $114,400 later that day. However, the bulls prevented another breakdown, and Bitcoin rebounded to reach $117,200 ahead of the Federal Open Market Committee (FOMC) meeting.
The FOMC, responsible for the US Federal Reserve's rate cuts, voted 11 to 1 in favor of the latest rate cut, with Jerome Powell as the Fed Chair leading the decision. The anticipated 25 bps rate cut was announced, but the news caused Bitcoin to lose some ground and dip to $114,800.
However, the dip was short-lived, and Bitcoin quickly regained its momentum, jumping to a new multi-week peak of almost $118,000 during the early morning Thursday session. The price jump followed the US Fed's rate cut announcement.
Meanwhile, other cryptocurrencies have also been performing well. PENGU, M, AVAX, and SUI have outperformed Bitcoin over the past day, with daily gains of up to 14%. HYPE, BCH, HBAR, LINK, SOL, DOGE, and ADA have charted price increases of up to 6%.
Notably, BNB managed to break through $1,000 to chart a new all-time high earlier today. BNB marked a new All-Time High at just over $1,000, while Ethereum is close to $4,600.
The dominance of Bitcoin over the altcoins has taken a big hit and is currently down to 55.6%. The total crypto market cap is up by $60 billion since yesterday and is above $4.2 trillion on CoinGecko.
As the cryptocurrency market continues to evolve, it remains to be seen how Bitcoin and other digital currencies will fare in the coming days and weeks.
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