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Bitcoin Today 11/08/2024: BTC renews highs with interest cut and whales accumulating
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Bitcoin (BTC) did not interrupt its upward trajectory and continued to renew its highs. On Thursday (08), the cryptocurrency recorded its highest price in history: US$76,300, with gains of 1.8% throughout the day.
These gains diminished throughout the morning of this Friday (08), causing BTC to fall to US$76,100. However, bullish market sentiment continues to maintain the $76,000 level.
Furthermore, the United States central bank (Fed) made a new cut in the country’s basic interest rate. The cut was 25 basis points, which would reduce interest rates to a range between 4.5% and 4.75% per year. For Fernando Pereira, an analyst at Bitget, this “combo” could make BTC continue breaking new highs.
“The combo of falling interest rates and elected Trump brought a lot of optimism to the market, and we can clearly see this not only in the renewal of new highs in Bitcoin and S&P500, but also in the huge drop in the VIX, the famous ‘fear index’ . We are probably facing a Christmas rally in the markets, looking for new highs”, he stated.
ADA back and GRASS in the Top 100
With the appreciation of BTC, all cryptocurrencies in the Top 10 opened the day on a high. The price of Solana (SOL) records gains of 8.2% and the cryptocurrency remains ahead of BNB in market value.
Ether (ETH) appreciated 3.6% in the last 24 hours and saw its price rise to US$2,919. With these valuations, the second largest cryptocurrency on the market finds more strength to try to overcome the strong resistance of US$3,000.
However, the biggest surprise in the Top 10 was the return of Cardano (ADA), which surpassed TRX and took 10th place in the ranking. ADA registered a strong increase of 17.8% in the last 24 hours and reached US$ 15.9 billion in market value, while TRX had gains of 0.6% and registered US$ 13.9 billion.
Among the Top 100 cryptocurrencies, the memecoin NEIRO rose again and rose 13%, accumulating gains of 57% throughout this week. But the biggest appreciation of the day was GRASS, which was recently launched via airdrop and registered a 36% increase in the last 24 hours.
In addition to the interest rate cut, Bitcoin appreciated due to the activity of large investors who began to accumulate more BTC. The so-called “whales” have accumulated $145 million worth of Bitcoin recently, with most of that going to new addresses.
This means that many people are buying BTC for the first time – and in large sums. This demand, together with the interest of those who already own BTC, contributes to making the price break its highs.
Bitcoin Today 11/08/2024: BTC renews highs with interest cut and whales accumulating
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Bitcoin Today 11/08/2024: BTC renews highs with interest cut and whales accumulating
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Bitcoin Today 11/08/2024: BTC renews highs with interest cut and whales accumulating
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Bitcoin Today 11/08/2024: BTC renews highs with interest cut and whales accumulating
