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Bitcoin, Ethereum Climb As Jerome Powell Confirms Fed Rate Cuts
US Federal Reserve Chair Jerome Powell gave the strongest Fed rate cuts signal in his Jackson Hole speech on Friday. After the FOMC Minutes release recently, Powell saying ‘The time has come for policy to adjust’ has further increased positive sentiment in the stock and crypto market today. Both Bitcoin and Ethereum witnessed a sharp upside move.
Bitcoin price hit an intraday high of $62,320 after the dovish comments signaled potential rate cuts starting in September. Ethereum price also hit $2700, but the upside lived momentarily and the price dropped back to $2,680.
Jerome Powell Gives Strongest Fed Rate Cuts Signal
During the Jackson Hole Symposium, Wyoming, US Federal Reserve Chair Jerome Powell said the central bank is looking for interest rate cuts ahead. While he didn’t provide exact indications on the timing or extent of rate cuts, Powell confirmed it’s time for a monetary policy pivot amid slowing inflation and weakening of the labor market in the United States.
“We do not seek or welcome further cooling in labor market conditions,” Powell said in prepared remarks for a speech at the central bank’s annual gathering in the Grand Teton National Park on Friday. “The time has come for policy to adjust.”
As expected, the Fed Chair stated that the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks. However, this confirmed expectations of a rate cut in September, triggering rallies for stocks and bonds, and Bitcoin.
CME FedWatch tool shows a 67.5% probability of 25 bps rate cut in September, down from 76% a day ago. Regardless, the market expects 100 bps rate cuts by the Fed this year. US Treasury yields and the US dollar index (DXY) fell 14-month low, which is bullish for Bitcoin.
Chair Jerome Powell said the time has come for the Fed to cut its key policy rate, affirming expectations that officials will begin lowering borrowing costs next month https://t.co/Bhm8B0zr5n pic.twitter.com/14Lsgdetaj
— Bloomberg TV (@BloombergTV) August 23, 2024
Bitcoin And Ethereum Performance
Analysts at Bank of America Securities recently noted that the S&P 500 has a limited historical reaction to the Jackson Hole meeting. Thus, even if Jerome Powell takes a dovish stance, it may not have much impact on the market.
Analyst Benjamin Cowen revealed ETH/BTC price action in 2016, 2020, and 2024. In 2016 and 2019, ETH rallied in September and topped out on September 20 and September 19, respectively. He thinks prices will drop after the Fed will cut rates to start rally later.
Bitcoin witnessed volatility as traders adjusted positions. BTC price is up 2% in an hour and nearly 3% in the past 24 hours, with the price currently trading at $61,700. The trading volume has also increased in the last hour, indicating a rise in interest among traders.
ETH price also climbed over 2% in the past 24 hours, with the price currently trading at $2,666. The 24-hour low and high are 2,592 and 2,700, respectively. Moreover, the trading volume witnessed a slight increase.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Dogecoin Price Sees Bi-Monthly RSI Rise To 2020 Levels, Here’s What Happened Last Time
Crypto analyst Trader Tardigrade has highlighted a similarity between the Dogecoin price action and that witnessed in 2020. The analyst further revealed what happened the last time this pattern formed on the Dogecoin chart and what to expect.
Dogecoin Price Sees Bi-Monthly Rise To 2020 Levels
In an X post, Trader Tardigrade revealed that the Dogecoin price bi-monthly RSI (Relative Strength Index) has risen to levels last seen in 2020. The analyst further noted this was happening right before the massive bull run. In line with this, he predicts that the three bi-monthly candles will be huge for Dogecoin.
The analyst’s accompanying chart showed that massive giant candles followed when the Dogecoin price RSI rose to these levels in 2020. This eventually paved the way for Dogecoin to reach its current all-time high (ATH) of $0.73. Interestingly, Trader Tardigrade’s chart showed that the Dogecoin price could rise to as high as $44 this time around.
Such a parabolic move will be possible if the Dogecoin price replicates its gain of over 26,000% in the 2021 bul run. Alongside Trader Tardigrade, some other crypto analysts have also offered ultra-bullish predictions for the Dogecoin price this week.
Crypto analyst Ali Martinez mentioned that the Dogecoin price could rise to as high as $23 in this market cycle. He explained that this could happen if DOGE were to rally to the 1.1618 or even 2.272 Fibonacci levels. The analyst also suggested that the world’s richest man, Elon Musk, could contribute to this price rally.
Crypto analyst Olivier also predicted that the Dogecoin price could rise to as high as $32 in this bull run. The analyst is confident that this parabolic rally could happen since there are predictions that the Bitcoin price can rise to $1 million.
DOGE’s Growth Potential In Comparison To Bitcoin
Crypto analyst Master Kenobi recently analyzed Dogecoin’s price growth potential in comparison to Bitcoin. In an X post, the analyst noted that Bitcoin has already achieved a 5x from the market bottom, while Dogecoin has only managed a 4x so far. He further noted that BTC’s market cap is $1.5 trillion, while DOGE’s is $29 billion, which is a 51x difference between these market caps.
Having made these points, Master Kenobi highlighted the Dogecoin price growth potential. He claimed that Dogecoin’s market cap could increase 10x from this point and rise to $290 billion, which will put DOGE’s price at $2. Meanwhile, he predicts that the Bitcoin price would only 2x from this point, rise to $150,000, and attain a market cap of $3 trillion.
At the time of writing, the Dogecoin price is trading at around $0.2, up over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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Top Analyst Says XRP Price Will Flip Ethereum Price, Here’s Why
Crypto analyst Dark Defender has stated that the XRP price will flip the Ethereum price in this market cycle in terms of market cap. He outlined reasons why this is possible and went on to declare that XRP could take over its crown from Bitcoin.
Why The XRP Price Can Flip The Ethereum Price
In an X post, Dark Defender outlined five reasons why the XRP price can flip the Ethereum price. First, he cited Judge Analisa Torres’ ruling that XRP is not a security in itself, which he believes is a huge positive for the coin.
Secondly, he alluded to the numerous developments that Ripple has secured. While he didn’t mention these developments, this could include recent developments such as the crypto firm gaining the DFSA approval to expand its payment services to the UAE.
Dark Defender further alluded to Central Bank Digital Currencies (CBDCs) and upcoming currencies such as the RLUSD stablecoin, which is another reason he is confident that the XRP price can flip the Ethereum price. A recent development also indicates that Ripple is eyeing a potential Dirham-backed stablecoin launch in the UAE.
Lastly, the analyst mentioned that the US is set to become a crypto-friendly environment under pro-crypto President-elect Donald Trump. Despite these reasons, XRP will flipping Ethereum will be a huge task.
Ethereum is currently the second-largest crypto with a market cap of $365 billion, while XRP is the seventh-largest crypto with a market cap of $31 billion. However, it is worth mentioning that XRP was the second-largest crypto ten years ago, just behind Bitcoin.
Time To Also Dominate Bitcoin
Dark Defender also indicated that the XRP price could challenge Bitcoin’s dominance for the reasons he mentioned. He remarked that XRP will take over its crown from BTC by being the only crypto asset with regulatory clarity.
However, Bitcoin’s non-security status has never really been in doubt. The US Securities and Exchange Commission (SEC) Chair Gary Gensler has admitted that the flagship crypto isn’t a security. This is also why the Commission didn’t object to issuers filing S-1 forms for the Bitcoin ETFs before their subsequent approval.
Meanwhile, the analyst also suggested that a bull run is set to soon begin for the XRP price. Specifically, he said this XRP bull run will begin on November 24. He is confident this will happen because he claims that Bitcoin Dominance has had its reversal in the monthly RSI as it did in January 2021. When this happened in 2021, XRP rallied from $0.170 to $1.966.
Crypto analyst Mikybull Crypto also provided a bullish outlook for the XRP price. In an X post, he stated that a huge acceleration is coming. He cited the coin’s performance after the past election cycles, and a massive rally usually follows. The accompanying chart he shared showed that $19 was a possible target.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Anatoly Yakovenko Discusses What Next For Solana & Competition With Ethereum L2s
In a recent interview, Anatoly Yakovenko, Solana’s founder, spoke to the unique position this ecosystem holds in the blockchain landscape, using its implementation against L2 scaling solutions and other Layer 1 blockchain systems.
Previously he raised questions about the vitality of the Ethereum ecosystem without the contributions from Base, a Layer 2 solution. This query comes amidst observing the metrics of growth shown by Base, particularly in user activities and transaction volumes.
Solana’s Anatoly Yakovenko: L1 Scalability Key, Not L2 Solutions
Anatoly Yakovenko, Solana’s founder, highlighted the unique position of the Solana ecosystem within the blockchain landscape. He contrasted its approach with both Layer 2 scaling solutions and other Layer 1 blockchains.
The podcast he was guest at was a sort of a follow up to his last statements where he questioned the resilience of the Ethereum ecosystem without contributions from Base, a Layer 2 solution, particularly in light of Base’s impressive growth metrics in user activity and transaction volumes.
“Its scalability, infrastructural focus, and transaction efficiency, in my opinion, are three things Solana has on its side,” Yakovenko detailed. Of course, he is also aware of Solana’s challenges in a world where blockchain technology would evolve and platforms would develop further.
Anatoly Yakovenko emphasized Solana’s unique architecture, designed to democratize access to transaction validation. Unlike traditional finance, Solana allows anyone to set up a validator and submit transactions directly, bypassing intermediaries. This level of decentralization, Yakovenko noted, is hard for traditional finance to replicate. While this functionality exists, he acknowledged that scaling it effectively remains a challenge.
New validators face significant barriers, including finding suitable peers for transaction ordering. Amassing enough stake to gain influence on the network is also difficult. Yakovenko believes that Solana’s future depends on regular network optimization. He envisions technical improvements that include higher bandwidth, lower latency, and multiple concurrent leaders per transaction slot. These changes, he suggests, could reduce economic barriers and make it easier for new validators to compete.
By reducing bottlenecks, Solana could foster a healthier, more competitive ecosystem. This would ultimately make the network more decentralized. Yakovenko views Solana’s path to decentralization as an engineering problem, requiring iterative optimizations. Through these efforts, Solana aims to achieve fair and efficient transaction processing.
Highlighting Solana’s Edge Over Ethereum and L2s
Anatoly Yakovenko compared Solana to Ethereum and various L2 solutions, emphasizing the trade-offs between Layer 1 and Layer 2. L2 solutions often use centralized sequencers for low-latency transaction ordering. However, Yakovenko noted that these can lead to the same congestion issues seen on Layer 1 chains. While L2s are often seen as short-term fixes for congestion, they face scaling bottlenecks when multiple applications or markets use them.
He highlighted that Solana’s strategy focuses on building a robust Layer 1 chain capable of supporting high throughput without needing L2 solutions. Another key factor for Yakovenko is synchronous composability, where multiple applications can interact in real-time on a single chain. He believes this is essential for DeFi. In his view, monolithic chains or application-specific L2s can’t support this level of composability, limiting their scalability.
According to Anatoly Yakovenko, the last competitive edge for Solana lies precisely in this regard: its total commitment to synchronous composability at scale-what makes it different from Ethereum and L2 chains. Still, some experts, such as Peter Brandt said that Solana is already breaking into new highs while Ethereum is struggling against an overhead resistance.
The overriding message from Yakovenko is that where Solana has the edge is in execution. While Ethereum is expanding via L2s, the development of Solana remains focused on making its L1 perfect. He admits that one day, a blockchain will come up with features similar to those of Solana and offer faster iterations, but for now, the pace at which Solana is improving places it well ahead of the competition.
For Anatoly Yakovenko, this core of Solana’s potential rests on ironing out its infrastructure to support more equitable, open transaction processing for a truly decentralized future. He says this positions Solana as one of the leading blockchains for years to come.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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