- Bitcoin’s resurgence triggered a bullish sentiment across the crypto market.
- Binance founder’s release could boost BNB’s price.
- Chromia has announced plans to expand its ecosystem.
A crypto podcast host suggests that Bitcoin’s recent price jump after the Federal Reserve’s interest rate cut is what has ignited the bullish sentiment across the altcoin market as well.
The analyst believes this development could mark the start of the next bull run. He also pointed to several crypto projects unveiling updates that could position their tokens for rallies, potentially leading to new all-time highs.
It is worth noting that Bitcoin’s latest rally began on September 17, just before the FOMC meeting that decided on the recent interest rate cut. The leading cryptocurrency rebounded from a $57,627 low last Tuesday before reaching a local high of $64,730 early today, a 12.3% increase in six days.
BlackRock CEO Larry Fink Changes His Tune on Bitcoin
Meanwhile, Bitcoin’s recent performance seems to have swayed more mainstream figures towards the technology’s potential. One such individual is BlackRock’s CEO Larry Fink, who was once skeptical of Bitcoin. During a recent TV show, Fink admitted to studying and learning about Bitcoin, leading him to acknowledge that his previous views on the flagship crypto were mistaken.
Read also: Bitcoin September Surge Mirrors 2020 Bull Run: Analysts
Fink now sees Bitcoin as a legitimate financial instrument, offering investors a way to achieve uncorrelated returns. He stated his belief that Bitcoin is an attractive option for investors during times of uncertainty and when countries are devaluing their currencies through excessive deficits.
BNB and CHR Set to Follow Bitcoin
Beyond Bitcoin, the podcast host highlighted BNB’s trajectory, noting the altcoin’s performance as one of the top-performing cryptocurrencies. Despite BNB’s challenges this year due to Binance’s legal troubles, the analyst observed that the token’s fortunes are turning around, especially with the Binance founder’s release date approaching on September 29.
Read also: BNB Price Holds Steady as CZ’s Prison Release Date Approaches
The host believes this upcoming event will put BNB in the spotlight, potentially triggering another rally that could reach its all-time high of $724.7 from last June. Binance also has plans to launch Moonbix, a new play-to-earn game on Telegram’s mini app. The game could boost BNB’s demand, significantly impacting its overall price.
In addition to BNB, the host mentioned that Chromia, a layer-1 relational blockchain, has announced plans to grow its ecosystem. The project intends to launch a $20 million data and AI ecosystem fund to support data-intensive projects and AI-enabled applications. The analyst expects these updates to positively impact Chromia’s CHR token by potentially increasing its demand and driving up its value.
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