Most cryptocurrency prices rose during trading on Friday, thanks to the decline of the U.S. dollar amid increasing chances of the U.S. Federal Reserve cutting interest rates at its next meeting scheduled for next month.
The price of the most famous cryptocurrency in the world dropped by 0.4% to trade at $116,629.19, dominating about 60% of the total market value of the cryptocurrency market.
Bitcoin is still far from its all-time high, when it exceeded $123,000 on July 15.
Cryptocurrencies recorded strong gains last month, as trade tensions eased following the announcement of a trade agreement between the United States and China, along with several of its trading partners, including the European Union.
Regarding the prices of other cryptocurrencies, the price of Ethereum, the second-largest cryptocurrency by market capitalization after Bitcoin, rose by 1% to reach $3,892.89.
The price of Ripple surged by 7.45% to trade at $3.3393.
This strong rise came after U.S. President Donald Trump signed an executive order yesterday allowing American savers in retirement plans to invest in high-risk alternative assets such as cryptocurrencies and private equity.
According to the 'Fed Watch' tool, the chances of a 25 basis point interest rate cut during the upcoming September meeting increased to 89.4% compared to previous expectations of 80.3% a week ago.