Bitcoins price reacted in a rather muted manner immediately after the US Fed announced the rate cuts yesterday, but jumped to a new multi-week high of almost $118,000 in the following hours.

Many altcoins have produced impressive gains over the past day, and BNB has stolen the show again as it marked a new ATH at just over $1,000.

BTC Eyes $118K

Bitcoins gradual price increase began at the beginning of the previous business week. At the time, the asset dipped to just under $111,000, but that support held the price, and it started to recover almost immediately. By Friday, it had climbed to $116,000 but faced some resistance there from the bears.

It couldnt continue upwards during the weekend but tapped $116,800 on Monday morning, only to be pushed south to $114,400 later that day. The bulls reemerged at that point and didnt allow another breakdown. Just the opposite, BTC started to gain traction and jumped to $117,200 yesterday ahead of the highly anticipated FOMC meeting.

In the hours leading to the Feds announcement, bitcoin lost some ground and dipped to $114,800. However, it had recovered to roughly $116,000 when the US central bank outlined a 25 bps rate cut, as many anticipated.

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Invalid email address Your privacy is guranteed.Thanks for subscribing, you will get your first report in the next hours! At first, bitcoin remained relatively still but jumped during the early morning Thursday session to a new multi-week peak of almost $118,000. It was stopped there, for now at least, and sits at just over $117,000 as of press time.

Its market cap has risen to $2.335 trillion on CG, but its dominance over the alts has taken a big hit and is down to 55.6%.

BNB Taps $1K

The declining BTC dominance means that many alts have outperformed it over the past day. This is particularly true for PENGU (14%), M (13%), AVAX (9%), and SUI (8%), which lead in terms of daily gains.

HYPE, BCH, HBAR, LINK, SOL, DOGE, and ADA have charted price increases of up to 6%. BNB has added 4.5% on a daily scale, but managed to break through $1,000 to chart a new all-time high earlier today. Ethereum is close to $4,600, while XRP is at $3.1.

The total crypto market cap is up by $60 billion since yesterday and is above $4.2 trillion on CG.

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