Bitcoin climbed to $117,000 while altcoins including AERO, Ethereum Classic, SPX6900, and ENA rallied double digits.
Ethereum surged more than 14% on Friday, breaking above its November 2021 record of $4,869, after Federal Reserve Chair Jerome Powell hinted that rate cuts could arrive as soon as September.
Speaking at the Kansas City Fed’s Jackson Hole symposium, Powell said the central bank was “shifting the balance of risks” and that recent conditions “may warrant adjusting policy,” a signal traders read as confirmation of imminent easing.
The change in tone ignited a broad rally in risk assets. Bitcoin jumped to $117,000 while Ethereum’s breakout triggered sharp gains across altcoins. AERO soared 20% in the past 24 hours, Ethereum Classic rose 18%, and tokens like SPX6900 and ENA climbed by a similar margin.
With Powell’s comments reshaping expectations, CME’s FedWatch tool showed traders now price an 83% probability of a September rate cut, up from about 70% earlier this week.
The ETH-BTC ratio surged to a yearly high above 0.041, while Bitcoin dominance slipped to 58.5%, signaling relative strength in Ethereum and smaller-cap tokens.
For traders, the breakout marks both the end of Ethereum’s nearly four-year wait for a new high and the start of speculation that a broader altcoin cycle is underway.
