<\/p>\n
Analysts attribute the rally to predictions The Fed’s interest rate hikes are over<\/p>\n
Leading crypto markets rallied into new 2023 highs, with ETH trading above $2,250 and BTC exceeding $41,500 for the first time in 19 months.<\/p>\n
The markets broke into new year-to-date highs on Dec. 2 before accelerating on Dec. 3. Both ETH and BTC increased more than 4% in the past 24 hours, more than 10% for the past week, and 34% and 50% respectively since the start of October.<\/p>\n
BTC is trading at its highest level since April 2022, while ETH reclaimed price structure not seen since May 2022. An additional 63% surge would put BTC at new all-time price highs, while Ether needs to rally 115% to break its previous record high.<\/p>\n Cryptocurrencies weren\u2019t the only assets posting impressive gains.\u00a0Gold<\/a>\u00a0posted successive all-time highs in recent days after gaining 18.5% since the start of October, while the\u00a0S&P 500<\/a>\u00a0is retesting its 2023 highs after jumping 12% since the start of November, according to TradingView.<\/p>\n Analysts are attributing the market action to expectations that the U.S. Federal Reserve\u2019s wave of\u00a0interest hikes<\/a>\u00a0is over, tipping that the central bank may soon begin reducing rates in early 2024.<\/p>\n Digital assets also continue to ride high following\u00a0meetings<\/a>\u00a0between eight prospective spot Bitcoin ETF issuers and the U.S. Securities and Exchange Commission in late November, with the agency meeting with both BlackRock and Grayscale twice last month.<\/p>\n James Seyffart and\u00a0Eric Balchunas<\/a>, ETF analysts at Bloomberg, predict the SEC will approve one or more spot Bitcoin ETFs around early January.<\/p>\n Terra (LUNA) and Terra Luna Classic (LUNC) rank as the top gaining digital assets ranked among the top 100 over the past 24 hours with respective gains of more than 30% and 45%, ironically coinciding with a market rally that pushed Bitcoin back to price levels last seen preceding Terra\u2019s\u00a0violent implosion<\/a>\u00a0that brought the broader crypto markets with it last May.<\/p>\n LUNC is also up more than 100% over just the past week, ranking second behind ORDI by seven-day performance.<\/p>\nTerra assets outperform<\/h2>\n
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