Ethereum hits an all-time high and Bitcoin continues to rise
Can a single speech from Jerome Powell change the market's direction? At the Jackson Hole conference, the Federal Reserve Chairman indicated that a rate cut in September is a likely possibility, igniting the cryptocurrency markets immediately.
Ethereum jumped to an all-time high of $4,870, and Bitcoin rose to $117,000, while major altcoins like Solana, Ripple, and Cardano made strong gains.
The impact of Powell's speech
Before his remarks, markets were pricing in a 71% chance of a rate cut in September. But after his talk, expectations rose to 90%. This shift became the spark that drove liquidity into high-risk assets like Bitcoin and Ethereum, and then onto altcoins.
Signs of an alternative season
According to the famous analyst VirtualBacon:
Bitcoin's dominance is declining weekly.
The ETH/BTC pair has been in an upward trend since April.
Major coins like SOL and XRP clearly rose against Bitcoin.
These patterns are considered classic signals for the beginning of altcoin season.
Ripple.. the calm before the launch
Although Ethereum stole the spotlight with a new peak, the slow upward movement of XRP was seen as a sign of the 'natural rotation' of altcoins, where leadership starts with major coins and then moves to the rest of the market.
VirtualBacon revealed that his portfolio holds 80% of its exposure to XRP, reflecting his confidence in its performance at this stage.
Ethereum's rise to record levels after Powell's speech may signal the official start of the altcoin season. With Bitcoin's dominance declining and Ethereum and Ripple rising, the market seems ready for a broader expansion phase that includes other coins.