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Bitcoin rises above $117,000 after the Federal Reserve interest rate decision and the dot plot's dovish outlook. Ethereum steadies around $4,600 despite minor ETF outflows. XRP bulls regain control of the trend, targeting a breakout toward the $3.66 record high. Bitcoin (BTC) edges higher above the $117,000 level on Thursday, buoyed by growing bullish sentiment in the broader cryptocurrency market. The uptick in the BTC price is accompanied by steady increases in altcoin prices, with Ethereum (ETH) and Ripple (XRP) poised for a short-term breakout toward their record highs. Market overview: Crypto markets recover on improving market sentiment  The United States (US) Federal Reserve (Fed) 25-basis-point interest rate cut on Wednesday was widely expected, but what caught the attention of investors was the dot plot, which showed that most Fed policymakers expect a rate cut at each of the remaining meetings of the year. The 25 bps cut has brought the benchmark interest rate to a new range between 4.00% and 4.25%, a decision approved by 11 of the 12 members of the Federal Open Market Committee (FOMC), citing a softer labor market, a higher unemployment rate, and sticky inflation. Participants in the cryptocurrency market welcomed the rate cut decision, fueling speculation in riskier assets. Wednesday’s decision has laid the foundation for two more rate cuts this year.  Chart of the day: Bitcoin eyes $120,000 breakout  Bitcoin has settled above the $117,000 level, buoyed by strong risk-on sentiment as investors prepare for the potential impact of the upcoming rate cuts on riskier assets. The Relative Strength Index (RSI) recovery to 61 from a low of 37 on August 31 indicates bullish momentum is building. Higher RSI readings, approaching overbought territory, would back the steady risk-on sentiment, increasing the chances of Bitcoin price breaking above the $120,000 hurdle. Traders will look for a buy signal from the SuperTrend indicator to ascertain BTC’s ability to sustain the uptrend, aiming at its record high of $124,497 reached on August 14.  Still, if investors book early profits, attention could shift to tentative support levels such as the 50-day EMA at $113,796 and the 100-day EMA at $111,608.8. Altcoins update: Ethereum, XRP eye new all-time highs Ethereum is on the verge of breaking above a descending trendline resistance, which has been in place since the smart contracts token hit a record high of $4,956 on August 24. The uptrend is supported by key upward-facing moving averages, including the 50-day EMA at $4,229, the 100-day EMA at $3,786, and the 200-day EMA at $3,327.5. These moving averages serve as tentative support levels if profit-taking and unexpected marketing dynamics trigger a major sell-off. The RSI position at 57-56 indicates a potential extension of the leg up toward overbought territory, which could reinforce bullish momentum. A breakout above the trendline resistance and the supply areas between $4,800 and the record high of $4,956 would usher in a new era for Ethereum, potentially above the $5,000 psychological level. However, it is worth mentioning that Ethereum spot Exchange-Traded Funds (ETFs) saw minor outflows of $1.89 million on Wednesday, extending the bearish streak from Tuesday.  If institutional investors choose to stay on the sidelines and perhaps reduce their exposure, a major upswing above $5,000 could be a pipe dream, with the Ethereum price likely to favour a correction below the 50-day EMA support at $4,229 to collect more liquidity before making another recovery attempt. As for XRP, bulls are showing strength above the $3.00 level, with the 50-period Exponential Moving Average (EMA) at $2.956 providing additional support. A recovery of the Relative Strength Index (RSI) on the daily chart to 59 from 51 on Monday supports XRP’s short-term bullish potential. A bullish reversal above the next key hurdle at $3.186, which was last tested on Saturday, would boost the chances of a bullish outcome toward the round-number supply area of $3.50 and the record high of $3.66. $BTC $ETH $XRP

Statistic: 25% of publicly traded #Bitcoin treasury companies have a market capitalization lower than the value of their held #Bitcoin

What Is Bitcoin Cash? Bitcoin Cash (BCH) is a cryptocurrency that was created and launched to bring decentralization back to cryptocurrency. It is the result of a 2017 Bitcoin "hard fork," which occurs when an existing blockchain splits into two. Bitcoin Cash enables more transactions per block than Bitcoin, which reduces fees and transaction times. Bitcoin Cash is designed to be used as a cheap payment system, much in the way Bitcoin was designed to be originally. Transaction fees are generally lower, and confirmation times are significantly less than Bitcoin's, generally within seconds. Learn more about Bitcoin Cash and how it differs from Bitcoin. KEY TAKEAWAYS 1.Bitcoin Cash was created due to scalability issues with Bitcoin's blockchain, enabling larger blocks of up to 32 MB, which facilitates faster transactions with lower fees compared to Bitcoin. 2.While Bitcoin Cash shares technical similarities with Bitcoin, such as the consensus mechanism and a capped supply of 21 million coins, it does not incorporate the Segregated Witness (SegWit) feature. 3.Bitcoin Cash's community aims to maintain it as a decentralized and affordable payment system, though its recent rise in market value has shifted its perception towards being more of an investment asset 4.Bitcoin Cash can be obtained through exchanges or mined in the same way as Bitcoin; however, the mining process is dominated by large firms, making it less feasible for individual miners.without significant resources. 5.Despite not achieving widespread consumer acceptance as a payment system, Bitcoin Cash continues to be traded actively, demonstrating resilience through various market conditions. The Evolution of Bitcoin Cash: From Hard Fork to Present Bitcoin's blockchain faced scalability issues and couldn't handle the rising number of transactions. This was mainly due to the 1MB block size limitation for Bitcoin blocks. Transactions were delayed because blocks couldn't handle the network's increased transaction volume. Bitcoin Cash was created in 2017 when developers disagreed on the route Bitcoin should take to address emerging issues with the blockchain. Transaction fees continued to rise between 2009 and 2016. By June 2017, fees exceeded $5 and surged to over $54 by December. Maintained by active developers, Bitcoin Cash emerged as an alternative to Bitcoin, which they viewed as more of an investment than a payment system. It was designed as a peer-to-peer payment system that removes regulatory authorities and other third parties from financial transactions, but it had become something else. Comparing Bitcoin Cash and Bitcoin: Key Differences and Similarities Bitcoin Cash increased the size of blocks to have a limit of 32 MB, enabling more transactions to be processed per block. Bitcoin Cash differs from Bitcoin by not using Segregated Witness (SegWit),, a solution for more transactions per block. SegWit removes witness signatures from certain areas to increase the number of transactions a block can store. The average number of transactions per block on Bitcoin at the time Bitcoin Cash was proposed was between 1,000 and 1,500.3 Yes, Bitcoin is available for trading. Acquiring Bitcoin Cash: Exchange Options and Mining Insights Bitcoin Cash is listed on exchanges like Binance, Coinbase, Kraken, KuCoin, and more. Because it is a Bitcoin fork, it is mined the same way. It can be mined on personal computers with dedicated GPUs, but this approach has some caveats. Similar to Bitcoin and other minable cryptocurrencies, large mining firms and pools dominate Bitcoin Cash mining. Pools improve your chances of earning block rewards, though rewards are shared. Depending on the pool's size and the work contributions of other members, your shares could be pretty small. You can also purchase a machine called an application-specific integrated circuit (ASIC) miner that can mine BCH. These machines are much faster at mining than personal computers, but they cost several thousand dollars new. You can find used ones for much less, but their speeds are generally lower, and it's hard to tell what kind of condition they are in. Bitcoin Cash Concerns: Challenges and Community Perspectives Bitcoin Cash community believes that it must remain decentralized and affordable so it could be used as the "best money in the world." In the shorter term, the project has focused on providing a fast, reliable, low-fee network, as well as "establishing a professional mining node that listens to feedback and delivers measurable improvements. Is Bitcoin Cash Worth Having? It depends on your market outlook, risk tolerance, and investing preferences. Bitcoin Cash experienced a significant increase in price through mid-2024, but that doesn't mean it will continue.

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