Bitcoin stagnates at $63K major altcoins soar up to 47%

- Bitcoin Price Target $63,000 - Large and Mid-size Altcoins Surge, Market Capitalization at $2.3 Trillion [Unblock Media] Last week, after experiencing highly volatile trading, Bitcoin settled at $63,000 over the weekend. Large and mid-size altcoins showed significant weekly growth. At the beginning of the week, Bitcoin started above $60,000 but fell below $58,000. During the week, greater volatility was expected due to discussions on interest rate cuts by the U.S. Federal Reserve. Indeed, a rate cut by the Fed provides more liquidity to investors, leading to increased demand for risk assets like Bitcoin in a low-interest-rate environment. After the Fed's rate cut, Bitcoin initially saw repeated surges and drops but eventually surged above $64,000, marking a three-week high. However, failing to maintain its upward momentum, Bitcoin retreated by over $1,000 and is currently trading around the $63,000 mark. Weekly, it rose by 4.6%, pushing its market cap above $1.24 trillion. Meanwhile, the market share for large and mid-size altcoins dipped by 1% from 55% to 54%. This week was quite favorable for most cryptocurrency assets. Ethereum rose by 7%, nearing $2,700, and Solana similarly increased to reach $147. Binance Coin increased by 5.5%, trading above $585, and Shiba Inu rose by 6%. Avalanche surged by nearly 10%, exceeding $27. Nevertheless, the largest gains among the large and mid-size altcoins were seen in TAO (47%), SUI (37%), and APT (28%). TAO surged due to major updates and an announcement from the OpenTensor Foundation. An upgrade incorporating EVM compatibility is expected to positively impact the BitTensor network. SUI increased due to a surge in Total Value Locked (TVL), new technological upgrades, and capital inflows. APT's price rose thanks to a partnership with Foresight Ventures and positive impacts from the Fed's rate cut. Currently, TAO is trading at $477, SUI at $1.5, and APT at $7.85. The total market capitalization of the cryptocurrency market has increased by over $100 billion since last Sunday, reaching $2.3 trillion.