Cryptocurrency

Jerome Powell

when

Reserve

Gains

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. 
<h2 id="bitcoin-s-fed-induced-surge">Bitcoin’s Fed-Induced Surge</h2> 
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 <a href="https://cryptopotato.com/federal-reserve-announces-0-5-interest-rate-cut-bitcoin-soars-above-60k/" data-wpel-link="internal">announced</a> a 50 basis point rate cut, BTC went on a real rollercoaster. 
It <a href="https://cryptopotato.com/bitcoin-above-62k-us-stock-market-down-and-more-feds-rate-cut-aftermath/" data-wpel-link="internal">went up and down</a> several times from over $61,000 to $59,000 before the <a href="https://cryptopotato.com/3-bullish-signals-for-bitcoins-price-as-uptober-approaches/" data-wpel-link="internal">bulls</a> took complete control of the market and initiated a massive leg-up that <a href="https://cryptopotato.com/bitcoin-btc-price-reclaims-62k-as-analysts-eye-upside-breakout/" data-wpel-link="internal">pushed</a> 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. 
<figure id="attachment_361099" aria-describedby="caption-attachment-361099" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-23.png" data-wpel-link="internal"><img class="size-full wp-image-361099" src="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-23.png" alt="Bitcoin/Price/Chart 19.09.2024. Source: TradingView" width="1835" height="827" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-23.png 1835w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-23-300x135.png 300w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-23-1024x461.png 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-23-768x346.png 768w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-23-1536x692.png 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/BTCUSD-23-50x23.png 50w" sizes="(max-width: 1835px) 100vw, 1835px"></a>
 <figcaption id="caption-attachment-361099" class="wp-caption-text">
 Bitcoin/Price/Chart 19.09.2024. Source: TradingView
 </figcaption>
</figure> 
<h2 id="alts-with-bigger-gains">Alts With Bigger Gains</h2> 
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. 
<figure id="attachment_361101" aria-describedby="caption-attachment-361101" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-19-115048.jpg" data-wpel-link="internal"><img class="size-full wp-image-361101" src="https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-19-115048.jpg" alt="Cryptocurrency Market Overview. Source: QuantifyCrypto" width="1882" height="836" srcset="https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-19-115048.jpg 1882w, https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-19-115048-300x133.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-19-115048-1024x455.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-19-115048-768x341.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-19-115048-1536x682.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/09/Screenshot-2024-09-19-115048-50x22.jpg 50w" sizes="(max-width: 1882px) 100vw, 1882px"></a>
 <figcaption id="caption-attachment-361101" class="wp-caption-text">
 Cryptocurrency Market Overview. Source: QuantifyCrypto
 </figcaption>
</figure> 
The post <a href="https://cryptopotato.com/these-alts-gained-the-most-after-feds-rate-cut-as-btc-tapped-23-day-peak-market-watch/" rel="nofollow">These Alts Gained The Most After Fed’s Rate Cut as BTC Tapped 23-Day Peak (Market Watch)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

These Alts Gained The Most After Fed’s Rate Cut as BTC Tapped 23-Day Peak (Market Watch)

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