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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-and-major-cryptocurrencies-show-strong-performance/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin and Major Cryptocurrencies Show Strong Performance</a><br></p>
<p style="text-align: justify">Last week, Bitcoin and other cryptocurrencies performed well, with Bitcoin gaining over 8% in value within seven days. The largest <a href="https://en.coin-turk.com/bitcoin-and-altcoins-latest-market-update/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> followed a positive trend, leading other major cryptocurrencies to rise in value alongside it.</p>
<h2 id="ethereum-and-other-cryptocurrency-increases">Ethereum and Other Cryptocurrency Increases</h2>
<p style="text-align: justify">During the same period, Ethereum surpassed Bitcoin with a remarkable increase of 15.5%. <a href="https://en.coin-turk.com/binance-coin-bnb-defies-market-downtrend-with-6-surge/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BNB</a> rose by 13.7%, Solana by 9.7%, and Dogecoin by 8.1%. Meanwhile, XRP showed a more horizontal trend, recording only a 0.28% increase.</p>
<p style="text-align: justify">Much of these gains stemmed from the Federal Reserve’s decision to lower interest rates by 50 basis points for the first time since 2020. Analysts point out that this rate cut triggered a rally in the <a href="https://en.coin-turk.com/bitcoin-price-drops-below-27000-as-death-cross-looms/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency market</a>.</p>
<h2 id="sustainability-of-the-rally">Sustainability of the Rally</h2>
<p style="text-align: justify">However, questions remain regarding the sustainability of this rally. A report prepared by the Bitfinex exchange suggests that the upward trend may not continue in the short to medium term. Despite recent gains, BTC still remains below the critical level of $65,200 observed at the end of August.</p>
<p style="text-align: justify">Bitfinex warns that failing to surpass this level could have negative consequences, indicating that if BTC does not break this threshold, it may confirm a pattern observed since its all-time high of $73,666 in March.</p>
<p style="text-align: justify">Looking at Bitcoin’s overall trend since March, a downward trajectory is apparent. Additionally, concerns arise that the recent rally might have been driven more by futures markets rather than genuine spot trading.</p>
<h2 id="impact-of-u-s-elections-on-the-crypto-market">Impact of U.S. Elections on the Crypto Market</h2>
<p style="text-align: justify">Kaiko and Bitfinex highlight that the upcoming U.S. presidential election in November could significantly impact the cryptocurrency market. Although many suggest that Donald Trump would be better for the crypto sector, fund manager VanEck holds a different view.</p>
<p style="text-align: justify">Matthew Sigel, Head of Digital Assets Research at VanEck, notes that both Kamala Harris and Donald Trump may have different effects on Bitcoin and the broader digital asset markets, but both could be beneficial for Bitcoin. He argues that a Harris administration might tighten digital asset regulations, slowing institutional adoption, while accelerating structural challenges that could enhance Bitcoin’s acceptance.</p>
<p style="text-align: justify">On the other hand, a Trump administration could potentially benefit the entire crypto ecosystem through increased deregulation. Sigel emphasizes that regardless of the election outcome, ongoing fiscal deficits and national debt are expected to weaken the U.S. dollar, generally strengthening Bitcoin under such conditions.</p>
<p style="text-align: justify">While the cryptocurrency market has recently seen significant gains, analysts remain cautious about the sustainability of this uptrend. Although interest rate cuts and election expectations may have short-term positive impacts, long-term trends and market dynamics need careful monitoring. Particularly, the upcoming U.S. elections and political developments could lead to volatility in the cryptocurrency market, making it crucial for investors to closely track market movements and fundamental analyses.</p>
<p>The post <a href="https://en.coin-turk.com/bitcoin-and-major-cryptocurrencies-show-strong-performance/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin and Major Cryptocurrencies Show Strong Performance</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Bitcoin and Major Cryptocurrencies Show Strong Performance

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