The crypto market is on the rise today as major coins like Bitcoin and Ethereum saw a significant price rise.
At the time of writing, the broader crypto markets are making a major comeback after an earlier breakdown linked to fear of tariffs between the United States and China. Based on the current outlook, Bitcoin appears poised to lead the market to a new multi-week high.
In the early hours of October 27, the broader market capitalization of cryptocurrencies increased by approximately 1.9% to $3.92 trillion.
The price of Bitcoin increased to $115,956, which is an increase of approximately 4%. This is quite significant considering that the flagship cryptocurrency has suffered losses in recent days.
With the recent gain, BTC has now surpassed the 50-day exponential moving average at $114,176.
It has also recovered from the stock market crash of October 10, fueled by President Trump’s announcement of a possible 100% tariff on China.
This event caused the prices of several cryptocurrencies to fall, including Bitcoin, which fell to $103,000.
As it stands, bulls expect the coin to retest the $120,000 level and possibly surpass its all-time high (ATH) of $126,000.
At the same time the price of BTC increased, Ethereum also jumped 7.7% to trade at $4,253. The prices of other coins like XRP, Solana, and even dog-themed Dogecoin are also increasing. Although they are still below some established resistance zones.
This current crypto market rally is believed to have been sparked by the easing of trade tensions between the United States and China as well as growing expectations of rate cuts from the Federal Reserve.
Traders and investors are scrambling to reposition themselves ahead of the Oct. 29 Fed meeting. As it stands, CME’s FedWatch tool estimates there is a nearly 99% chance of a 25 basis point rate cut.
Additionally, the United States and China reached an agreement on October 26 after two days of negotiations held in Malaysia.
According to US Treasury Secretary Scott Bessent, negotiators arrived at a “very substantial framework” that would go a long way to preventing threatened US tariffs at 100% and securing a pause in Chinese restrictions on rare earth exports.
So far, the crypto market has only seen a slight fluctuation, with BTC now trading at $115,287.40 and Ethereum at $4,160.18.
As both major assets show renewed strength, this could be the perfect time to reevaluate your portfolio and decide which crypto to buy in 2025.
Read original story Why is the crypto market rising today? by Godfrey Benjamin on Coinspeaker.com
