Bitcoin, Ether, XRP Rise. This Can Drive Cryptos Higher and Reignite the Rally. — Barrons.com

By Callum Keown

The price of Bitcoin edged higher early Tuesday, while other major cryptocurrencies also climbed as digital assets picked up some momentum from the stock market's rebound.

The crypto rally has faded recently but several cryptocurrencies were getting a boost amid growing expectations that the Federal Reserve will cut interest rates in September following Friday's weak jobs report. Lower borrowing costs typically support riskier assets including cryptocurrencies, so more rate cuts could help invigorate them.

The price of Bitcoin, the world's largest cryptocurrency, was trading at $114,400 early Tuesday — up 0.1% over the past 24 hours, according to CoinDesk data. It has risen since reaching a seven-day low of $112,256 on Saturday but remains considerably lower than its record above $122,000 from last month.

Other digital assets were having a better day. Ether, the second-largest crypto, climbed 2.1% to $3,627, while popular altcoin XRP rose 0.5% to $3.03. Solana was up 1.6% and Dogecoin edged 0.3% higher.

"Bitcoin is approaching a pivotal juncture, shaped not only by technical dynamics but also by macroeconomic factors," XS.com market analyst Linh Tran said Monday. "Any near-term pullback should be considered a healthy and necessary part of Bitcoin's long-term growth trajectory, as long as the psychological support level of $100,000 remains intact," Tran added.

Write to Callum Keown at callum.keown@dowjones.com

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