Bitcoin surpasses $63,000 to one-month high; What’s behind the rally?

Bitcoin stood out as it surged to one-month highs on Monday, continuing its rally following last week’s substantial rate cut by the Federal Reserve. Meanwhile, the yen fell further in markets that were quieter due to a Japanese holiday.

By 12:27 pm IST, Bitcoin had climbed 1.3% to $63,703, and Ethereum had risen by 3% to $2,656. Other notable increases included BNB up 1.9%, Solana up 0.3%, Toncoin surging 1%, Cardano rising 1.3%, Avalanche gaining 2.2%, and NEAR Protocol jumping 9%.