Bitcoin Surges to $119,450 Amid Market Rally and Fed Rate Cut Hopes
Bitcoin has started October with a rally, reaching a seven-week high of nearly $119,450. Its price increased by 2% within 24 hours, elevating the total crypto market capitalization to $4.08 trillion.
- The market value of Bitcoin now surpasses Amazon’s.
- Other major cryptocurrencies like Ether, Solana, and Dogecoin are also experiencing gains.
Factors Behind Bitcoin's Surge
- Potential interest rate cuts from the Federal Reserve due to a weakening US job market. A prediction market indicates a 99% likelihood of a rate cut.
- Historically, October is a strong month for Bitcoin, known as "Uptober."
- Bitcoin has broken past a key resistance level at $117.5K and aims to reach $120K.
Bitcoin Hyper ($HYPER) is gaining attention for its efforts to enhance Bitcoin's speed and cost-effectiveness through Layer 2 solutions using the Solana Virtual Machine and Canonical Bridge. This aims to make Bitcoin more practical for everyday use.
$HYPER has raised over $19.8M in its presale, showing significant backing. It promises 60% staking rewards upon launch, highlighting its potential to transform Bitcoin’s utility without compromising security.