Hassan Maishera
TL;DR
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Bitcoin rallied over the weekend and now trades above $63k per coin.
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Altcoins are also in the green, with the broader market up 2.5% in the last 24 hours.
BTC Hits $63,900 as Analysts Predict Another Rate Cut
The cryptocurrency market had a positive weekend, with Bitcoin and most coins adding more than 2% to their values. Bitcoin, the leading cryptocurrency by market cap, surged by nearly 3% over the weekend to hit the $63,905 mark on Sunday.
It has slightly retraced and is now trading at $63,450 per coin. The positive performance comes as market analysts predict another rate cut by the U.S. Federal Reserve in November.
However, they also believe that the ongoing tension in the Middle East could affect Bitcoin’s rally. Tension between Iran and Israel could affect risk-based assets, including Bitcoin, as investors would opt for risk-averse assets like Gold.
Altcoins also performed well over the weekend, with most of them up 2% in the last 24 hours. Ether, the second-largest cryptocurrency by market cap, added 3% to its value and is closing in on the $2,500 mark.
DOGE, the native coin of the Dogecoin ecosystem, is the best performer amongst the top 10 cryptocurrencies by market cap. It added 4.5% to its value and now trades at $0.1136 per coin. Thanks to this rally, the total crypto market cap again climbed to the $2.2 trillion level.
