BTC Sets Another All-time High At $76,943 as Fed Cuts Interest Rate

TL;DR

• Bitcoin set a new all-time high above $76k after the U.S. Federal Reserve cut interest rate.

• Solana climbed above $200 as the post-election rally continued.

Bitcoin Sets a New All-time High At $76,943

The cryptocurrency market has performed excellently this week, with the prices of most coins and tokens up 5% or more over the last few days. Bitcoin, the number one cryptocurrency by market cap, set a new all-time high on Thursday after adding more than 2% to its value.

BTC rallied to a new all-time high price of $76,943 on Thursday but has now retraced and is trading at $75,942. The rally comes after the U.S. Federal Reserve cut interest rates by 25 basis points to the 4.50%-4.75% range.

In a statement on Thursday, the apex bank said,

"In support of its goals, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4.50% to 4.75%. Recent indicators suggest that economic activity has continued to expand at a solid pace. Inflation has made progress toward the Committee's 2% objective but remains somewhat elevated."

Altcoins Climb Higher

With Bitcoin rallying, altcoins are also performing excellently. Ether, the second-largest cryptocurrency by market cap, is up 3% in the last 24 hours and trades at $2,904 per coin.

Solana’s SOL is also trading around $200 per coin after adding 6% to its value. Cardano’s ADA is the best performer amongst the top 10 cryptocurrencies by market cap, up 16% in the last 24 hours.

In an email to Cryptowisser, Ruslan Lienkha, chief of markets, YouHodler, pointed out that altcoins have room for more growth. He stated that,

“Other major cryptocurrencies, such as ETH and SOL, currently appear appealing as they remain below their previous highs, indicating room for potential growth that could narrow the performance gap with Bitcoin.”