After weeks of anticipation, the US Federal Reserve finally cut the key interest rates by 0.5%, triggering a massive rally for bitcoin that sent it to a 3-week peak of over $62,600.
Several altcoins have performed even better, with massive gains from the likes of BCH, NEAR, AVAX, SUI, TAO, and many others.
Bitcoin’s Fed-Induced Surge
This highly-anticipated week began with a price slip from bitcoin that drove it from over $60,000 to under $58,000 on Monday. This came after the substantial price surge at the end of the previous week when BTC neared $61,000 for the first time in weeks.
However, the cryptocurrency didn’t stay down long on Monday and soared past $61,000 on Tuesday as the hype for the Fed’s actions was building up. Once the US central bank’s meeting was concluded and Jerome Powell announced a 50 basis point rate cut, BTC went on a real rollercoaster.
It went up and down several times from over $61,000 to $59,000 before the bulls took complete control of the market and initiated a massive leg-up that pushed the asset to $62,650 earlier this morning. This became its highest price tag since August 27.
Despite losing some ground since then, BTC still stands close to $62,000 and is up by 3% on the day. Its market cap is above $1.220 trillion, while its dominance over the alts stands tall at 54.7% on CG.
Alts With Bigger Gains
The ever-more volatile altcoin sector has produced some really powerful price increases in the past day. Ethereum has added over 5% of value and now sits well above $2,400, SOL is up by 6% and stands close to $140, while SHIB, LINK, APT DOGE, and TON have gained somewhere between 5-8%.
Furthermore, Bitcoin Cash, NEAR, SUI, TAO, STX, FET, and a few others have charted double-digit gains.
Many lower-cap alts, such as POPCAT, SEI, TIA, and WIF, have also surged by double-digits, which has helped the total crypto market cap add about $100 billion daily. The metric is now at $2.240 trillion on CG.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Credit: Source link
