Bitcoin breaks $62k for first time since mid-August, Solana leads gains Bitcoin’s price has risen to $62,326.36, a 4.07% increase over the past 24 hours and the highest since Aug. 27. The surge follows the Federal Reserve’s decision to cut interest rates by 50 basis points, exceeding the expected 25 basis point reduction. This action has increased liquidity in the financial system, making assets like Bitcoin more attractive and potentially weakening the US dollar.
Expectations of additional rate cuts, with benchmark rates projected to decrease to 4.4% by year-end, also support Bitcoin’s upward momentum. The success of Bitcoin exchange-traded funds (ETFs) has spurred institutional interest, contributing to price stability and growth in the market.
Gains across other major cryptocurrencies, including Ethereum, Solana, and Cardano, reflect improved market sentiment toward risk assets after the rate cut. Every non-stablecoin in the top 10 is positive on the day, as of press time.
Solana actually leads the pack up 6.9%,4, while Ethereum is just behind at 5.4%. However, Bitcoin remains closest to its all-time high by some margin. Bitcoin is just 15% off its peak, while Solana and Ethereum are 60% and 50% off, respectively.
Analyst 
Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Latest Insights
In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,512.74
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$198.870
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
