Jerome Powell's dovish stance propelled Ethereum and BNB to new record levels.

Ethereum (ETH) recorded a massive increase of over 15% in the past 24 hours, surpassing its all-time high for 2021, which was $4,869.47, on August 22.

As of publication, the second-largest digital currency was trading at its highest level at $4,888 and continues to rise.

Federal Reserve Chairman Jerome Powell pushed for a rate increase after indicating the possibility of a rate cut at the Jackson Hole symposium. Following Powell's hawkish remarks in Wyoming, the cryptocurrency market surged by over 4% within an hour, regaining the $4 trillion mark.

The Federal Reserve Chairman stated that "the baseline outlook and changing risk balance may warrant an adjustment to our monetary policy stance," sparking widespread speculation about a rate cut in September.

The likelihood of a 25 basis point rate cut on September 17 at the poli market rose from 57% to 79% within hours after Powell's speech.

UBS analysts noted that Powell's hawkish statements represent "a framework and justification for a shift in monetary policy bias," with the Federal Reserve Chairman's focus shifting from inflation to employment concerns.

Broad market recovery

Broad market increase

Bitcoin jumped over 4% in the past twenty-four hours, reaching around $117,000 at the time of publication.

Major alternative currencies followed Bitcoin and Ethereum. The BNB coin recorded its all-time high at $900, priced after rising by more than 7% during that period, while XRP, Solana, and Dogecoin achieved double-digit percentage gains.