Key Points:
- Altcoins enjoyed a rally during late U.S. trading on Tuesday, spurred by Treasury Secretary Scott Bessent’s dovish remarks.
- Ether surpassed $4,600 for the first time in nearly five years, up more than 50% within a month, amid strong bullish trends.
- Cardano, Solana, XRP, Avalanche, and Litecoin also showed robust daily increases, while Bitcoin remained only slightly elevated at $120,000.
In more detail:
Ether and other altcoins advanced significantly after Treasury Secretary Scott Bessent hinted at a potential 50 basis point cut during the upcoming Federal Reserve meeting in September.
“The real thing now to think about is should we get a 50 basis-point rate cut in September,” Bessent discussed during an interview, suggesting that the Fed might have acted earlier if more accurate data had been available, acknowledging it as a foundational issue at the central bank.
Markets had largely factored in a 25 basis point increase in September, but Bessent’s comments intensified the optimism.
Despite being Treasury Secretary, his views are significant since he has been tasked with selecting a successor for Fed Chair Powell, amplifying the influence of his statements.
Ether’s rally saw it elevate almost 9% over the past 24 hours, reaching a price above $4,600, a milestone since November 2021.
The following cryptocurrencies have also charted impressive increases:
- Cardano (ADA): $0.8538 (+9.29%)
- Solana (SOL): $198.54 (+13.15%)
- Litecoin (LTC): $130.66 (+9.40%)
XRP climbed approximately 3.5% to about $3.24. In contrast, Bitcoin’s price barely shifted during the day’s trading, stabilizing around $120,000, indicating a contrast between Bitcoin and the prevailing altcoin enthusiasm.
