The price of Bitcoin has skyrocketed to $71,000 in the past 24 hours, nearing its all-time high. This surge comes just a week before the Federal Reserve meeting, indicating investor confidence in anticipated rate cuts this year. With Bitcoin only 5% below its all-time high, it has entered a new price discovery zone.

The expected rate cut by the Federal Reserve has boosted investor sentiment, with some predicting a cut as early as November. This has led to a decline in Treasury yields, easing financial conditions and benefiting speculative assets like cryptocurrencies. Tom Couture, digital-asset strategy vice president at Fundstrat Global Advisors, notes that "crypto assets are responding positively to the decline in rates".

Strong inflows into spot Bitcoin ETFs have also contributed to the price surge. On June 4, Bitcoin spot ETFs experienced a substantial net inflow of $887 million, marking the second-highest single-day net inflow on record. This growing demand for Bitcoin ETF products has led to a total net asset value of $61.46 billion.

Altcoins have also joined the party, with BNB rising over 10% in the past 24 hours to $690, pushing its market value back above $100 billion. TON has also surged more than 8%, becoming the tenth-largest cryptocurrency by market value. The rally in BNB reflects improved perceptions about Binance's outlook, following a landmark $4.3 billion penalty in November.

In conclusion, the expected Fed rate cut has boosted investor confidence in Bitcoin and altcoins, leading to a surge in prices. With Bitcoin nearing its all-time high, it's likely that we'll see a new ATH soon. The growing demand for Bitcoin ETF products and improved perceptions about Binance's outlook have also contributed to the rally. As the market continues to evolve, it's clear that cryptocurrencies are here to stay.