Altcoins continue to dominate recent crypto market action, with Solana (SOL) and Dogecoin (DOGE) showing impressive gains. Over the past week, SOL surged 17% to $243.35, while DOGE advanced 25% to $0.2759. Analysts point to the anticipation of upcoming ETFs and new crypto treasury firms focused on these tokens as key bullish drivers.
Meanwhile, the spotlight is shifting back to the market leaders. Bitcoin (BTC) climbed 2% in late U.S. trading on Friday, reaching $116,600, while Ethereum (ETH) jumped 5% to $4,650 — both hitting their highest levels since late August. That period followed Federal Reserve Chairman Jerome Powell’s Jackson Hole speech, where he unexpectedly pivoted from hawkish to dovish, citing labor market weakness over inflation risks.
The speech initially ignited a sharp rally, with BTC spiking from $112,000 to above $117,000 and ETH soaring over 16% to nearly $5,000. However, those gains quickly evaporated as both cryptos retraced, with BTC sliding to $107,000 and ETH returning near pre-speech levels.
Now, all eyes are on next week’s Federal Reserve meeting. Markets widely expect a 25-basis-point rate cut, bringing the fed funds rate to the 4%-4.25% range. The decision could serve as a fresh catalyst for digital assets, particularly after the recent volatility.
With Solana and Dogecoin fueling altcoin momentum and Bitcoin and Ethereum regaining strength, the crypto market is entering a pivotal phase. Traders are closely watching whether the Fed’s policy shift will extend the current rebound or trigger another round of sharp moves across major cryptocurrencies.
