What You Need to Know
- Bitcoin’s market cap stands at $2.39 trillion as the total cryptocurrency market surpasses $4 trillion for the first time, with Ether exceeding $4,600.
- Both the S&P 500 and Nasdaq 100 have achieved record highs, while the DXY index falls below 98, which favors risk assets ahead of the expected Federal rate cut.
Bitcoin dominance has dipped under 60% for the first time since February 1, indicating a shift in market dynamics. Presently, Bitcoin dominates less than 60% of the total cryptocurrency market capitalization.
Bitcoin’s market capitalization is now at $2.39 trillion, while the overall crypto market surpasses $4 trillion, setting an unprecedented high.
Ether (ETH) plays a crucial role in the upward movement, rising above $4,600. The last instance Bitcoin’s dominance was this low coincided with its price dropping below $100,000.
Notably, the U.S. stock market is also setting new records, with both the S&P 500 and Nasdaq accumulating fresh highs. The DXY index, which measures the strength of the U.S. dollar against several major currencies, has decreased below 98, sustaining support for risk assets.
The markets foresee nearly a 100% chance of a rate cut during the September 17 Federal Reserve meeting, which is expected to reduce the federal funds rate to 4.00%–4.25%.
Despite this bullish scenario, the latest inflation report was mixed: while the year-over-year headline figure is softer than anticipated, core inflation poses ongoing challenges.
Read more: Ether Eyes Record High as Options Traders Bet Big on ETH’s $5K Breakout
Note: Bitcoin (BTC) price statistics show dominance and critical changes indicating broader market trends.
