Bitcoin, Ethereum, XRP, and BNB Surge After Powell’s Fed Remarks

The cryptocurrency market surged on Friday, led by Ethereum and Bitcoin, reviving the upward momentum from the previous week.

Ethereum surpassed $4,700, nearing its record high of $4,878 from the last bull cycle.
Market optimism increased following comments from Federal Reserve Chair Jerome Powell about potential rate cuts.
Lower interest rates enhance the attractiveness of cryptocurrencies compared to traditional investments.
Other altcoins also saw gains: XRP rose by 5%, Solana gained 4%, and Binance Coin surged by 8% beyond $882.
An analyst noted strong correlation between cryptocurrencies and equities, indicating sensitivity to monetary policy comments.
Experts speculate that Powell’s statements may signal an extremely bullish fourth quarter, although a “sell the news” reaction could occur.

As of now, Ethereum is trading at $4,740 with a 13% increase today. Bitcoin is priced at $116,000, still 6% below its all-time high of $124,000.