Bitcoin soared to a new peak of $64,853 on Friday, following remarks by U.S. Federal Reserve Chair Jerome Powell at the Jackson Hole symposium, where he hinted at potential interest rate cuts in September. The news sparked a 5.3% increase in Bitcoin’s value over the past 24 hours, contributing to a broader 5.01% rise across the cryptocurrency market, which now totals $2.24 trillion.
By Friday afternoon, Bitcoin was trading at $64,433 per coin, just below its intraday high. The cryptocurrency has gained 6.6% against the U.S. dollar over the past week. The surge was driven by Powell’s comments, which also positively impacted U.S. equities, with the Russell 2000, Nasdaq, and S&P 500 leading gains in the stock market.
Ethereum (ETH) followed Bitcoin’s lead with a 5% increase, while Dogecoin (DOGE) outperformed the top ten cryptocurrencies, climbing 7.25%. The day’s standout performer was Sun Token (SUN), which skyrocketed by 46.47%, followed by Tellor (TRB) with a 31.27% gain.
Other notable gainers on Friday included MEME, CKB, TURBO, SUI, MEW, and FET, each posting increases between 18.16% and 21.33%. In terms of trading volume, the highest activity outside of Bitcoin, Ethereum, and stablecoins was seen in Dogecoin (DOGE), Tron (TRX), Pepe (PEPE), Solana (SOL), Binance Coin (BNB), XRP, Avalanche (AVAX), WIF, and SUI.
