Bitcoin and Ethereum prices recover suddenly, with the broader crypto market seeing a rally of almost 2% on eased macroeconomic tensions
The crypto market is up today as top coins like Bitcoin BTC $70 670 24h volatility: 1.7% Market cap: $1.41 T Vol. 24h: $47.15 B and Ethereum ETH $2 074 24h volatility: 2.5% Market cap: $250.33 B Vol. 24h: $19.18 B have seen a major price spike.
At the time of writing, the broader crypto markets are staging a major comeback after an earlier breakdown on the US-China tariff scare. Per the current outlook, Bitcoin appears ready to lead the market into a new multi-week high.
Bitcoin and Ethereum Recovers Suddenly
In the early hours of October 27, the broader cryptocurrency market cap rose by approximately 1.9% to reach $3.92 trillion.
Bitcoin price rallied to hit $115,956, corresponding with around 4% increase. This was quite significant considering that the flagship cryptocurrency has been reeling in losses in the last few days.
With the recent gain, BTC has now broken through the 50-day exponential moving average at $114,176.
It has also recovered from the October 10 market crash that was fueled after President Trump announced a possible 100% tariff on China.
This event sent the prices of several cryptocurrencies tumbling, including that of Bitcoin, which dropped as low as $103,000.
As it stands, bulls are expecting that the coin retest the $120,000 level, and possibly surpass its all-time high (ATH) of $126,000.
At the same time BTC price went up, Ethereum also jumped by 7.7% to trade at $4,253. The prices of other coins like XRP XRP $1.39 24h volatility: 1.1% Market cap: $85.13 B Vol. 24h: $2.40 B , Solana SOL $86.88 24h volatility: 2.3% Market cap: $49.62 B Vol. 24h: $4.00 B , and even dog-themed Dogecoin [NC] are surging equally. Although they are still treading below some established resistance zones.
Expectation of Fed Reserve Rate Cut Triggers Crypto Price Rally
This ongoing crypto market rally is believed to have been triggered by easing US-China trade tensions as well as the growing expectations for Federal Reserve rate cuts.
Traders and investors are making an effort to reposition themselves for the October 29 Fed meeting. As it stands, CME’s FedWatch Tool believes that there’s almost a 99% probability of a 25-bps rate cut.
Also, the US and China reached an agreement on October 26 after a two-day negotiation that was held in Malaysia.
According to US Treasury Secretary Scott Bessent, the negotiators achieved a “very substantial framework” that would go a long way in preventing threatened 100% US tariffs and secure a pause on China’s rare-earth export restrictions.
So far, the crypto market has seen only a slight fluctuation, with BTC now trading at $115,287.40 and Ethereum at $4,160.18.
With both major assets showing renewed strength, this could be the perfect moment to reassess your portfolio and decide which crypto to buy in 2025.
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