Ethereum, Solana, Dogecoin surge after 'easing' signal from the Fed

The dovish remarks by Fed Chairman Jerome Powell at the Jackson Hole conference have ignited green across both the stock market and the cryptocurrency market. He hinted at the possibility of interest rate cuts in September, providing a strong impetus for capital flow into risk assets.

In just one day, the crypto market surpassed the $4 trillion mark, the Dow Jones rose nearly 900 points, while #NASDAQ surged over 2%. Among them, altcoins led the rally:

Ethereum ($ETH ): Surged over 12%, approaching the historical record of $4,878 from 2021, reaching $4,830. Technical indicators show a very strong upward trend, with the probability of ETH exceeding $5,000 this year almost certain.

Solana ($SOL ): Increased nearly 9% to $196, with a market capitalization of over $105 billion. Technical patterns and explosive trading volumes reinforce the price outlook towards $250, even challenging the previous peak of $294.

Dogecoin ($DOGE ): Increased 9% to $0.23, entering the top 10 largest coins. Capital flow from 'whales' and technical analysis signals indicate that there is still ample room for growth.

While Bitcoin also surpassed $116,000 (+3.5%), it is the altcoins that are in the spotlight. Market sentiment is optimistic, indicating that a new bull cycle is forming, with Ethereum, Solana, and Dogecoin expected to lead the wave.

👉 Low interest rates could be the 'fuel' driving altcoins to break records in the near future.

Source: #Decrypt