Synopsis
Cryptocurrencies continued their rally for the second day following the Fed’s rate cut. Bitcoin and Ethereum led the gains, with Avalanche surging 9%. The broader market also saw significant gains. Experts see further gains in the Q4 period.
The positive impact of a bumper Fed rate cut stayed with the crypto market for the second day in a row as most major cryptocurrencies were trading with gains. Bitcoin (BTC) was trading higher by over 2% around 1:15 pm at $63,547.72 extending its 7-day gains to 10%. Meanwhile, altcoins like Etherium (ETH), BNB, Solana, XRP, Dogecoin, Tron, Cardano, Shiba Inu and Avalanche surged up to 9%.
The top gainer was Avalanche with 9% uptick and its 7-sessions gains has now gone at 18%.
Some were also on the losing side including Toncoin and Tether which fell marginally by up to 0.13% around this time.
Crypto Tracker
TOP COIN SETSAI Tracker12.64% BuyNFT & Metaverse Tracker10.02% BuyWeb3 Tracker5.68% BuySmart Contract Tracker4.81% BuyCrypto Blue Chip – 54.57% BuyTOP COINS (₹) Solana12,623 (8.67%)BuyEthereum213,230 (4.55%)BuyBNB47,847 (2.99%)BuyBitcoin5,299,837 (1.96%)BuyTether84 (-0.15%)BuyThe US Federal Reserve on Wednesday cut policy rate by 50 bps giving a much-needed phillip to global cryptocurrencies.
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The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »The world’s largest Central Bank has also hinted at further cuts this year and there is a view that it could be at least to the tune of 50 bps. 
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A further trim in policy rate could aid BTC and other crypto coins.
Source:
“Cryptocurrencies surged higher as the Federal Reserve’s surprise 50 basis point interest rate cut bolstered risk appetite across asset classes. Ethereum also made a strong comeback, rising more than 5.41% in the same 24-hour period as did Bitcoin. Altcoins drove the market higher with CoinDesk 20 Index gaining 8%,” Shivam Thakral, CEO of BuyUcoin said.
According to him, the data indicates a very bullish attitude among investors and he expects more gains as the Q4 period for cryptocurrencies is traditionally bullish.
Echoing similar sentiment, Avinash Shekhar, Co-Founder & CEO, Pi42 said that the rate cut has inspired the crypto market and the trajectory of Bitcoin appears bullish, suggesting further upside potential.
The crypto market continues to push higher, with BTC touching $64,000 and ETH crossing $2,500 and the current set-up shows the overall market in a bullish phase, a CoinDCX Market Movement note said. In its view, If BTC clears the current range high and sustains above the $64,000 mark, one could see continued higher highs over the next few months while if the level is breached downwards BTC could enter into a consolidation phase.
Apart from the Fed factor, Solana’s gains are also on a company specific trigger. It has launched its second mobile device, called Seeker and according to Solana, this is more than just a ‘memecoin phone,’ hinting at broader functionality and use cases.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
