AI-Related Cryptos Lead Altcoin Surge; Bitcoin Breakout Nears with Several Catalyst in Q4: Analyst
Artificial intelligence-related cryptocurrencies led a rally, with tokens like Near (NEAR) and Render (RNDR) rising 18%-20%. The CoinDesk 20 Index gained 1.5%, while Bitcoin (BTC) increased less than 1%, struggling to surpass $64,000. Ethereum's ether (ETH) rose 3.5%. Bittensor (TAO) climbed 17%, and Livepeer (LPT) gained traction after being highlighted by Barry Silbert. Celestia's token (TIA) increased 12% following a $100 million investment announcement. Traditional markets saw gold reach record prices, with stocks rising after the Federal Reserve's interest rate cut. Chicago Fed President Austan Goolsbee indicated more cuts could follow. Markus Thielen predicted Bitcoin could reach new all-time highs by year-end, citing historical trends and potential asset redistributions from the FTX estate. The SEC approved options for BlackRock's spot bitcoin ETF, which may enhance institutional liquidity. Thielen noted that the upcoming U.S. presidential election may not significantly impact Bitcoin due to ongoing government spending increases.
