Cryptocurrency markets are experiencing a significant upswing today, September 19, following the U.S. Federal Open Market Committee’s (FOMC) announcement of a 50 basis point rate cut. Bitcoin (BTC) has surged past the $62,000 mark, with major altcoins also seeing positive movements.
Bitcoin’s price climbed to $62,151, marking an almost 3% increase within the past 24 hours. The cryptocurrency’s trading range during this period was between $59,218.25 and $62,578.77. This rally occurred despite $52.83 million in outflows from Bitcoin ETFs as of September 18, according to data from Soso Value. Bitcoin’s market dominance also increased slightly to 57.33%.
The bullish sentiment in the market has led notable figures such as Skybridge Capital founder Anthony Scaramucci to predict that Bitcoin could reach $100,000 soon. Additionally, MicroStrategy, led by Michael Saylor, has increased its convertible notes offering from $700 million to $875 million, further boosting market confidence.
Ethereum (ETH) also saw gains of nearly 3%, trading at $2,407, with its intraday low and high recorded at $2,278.66 and $2,408.26, respectively. Despite experiencing $9.74 million in outflows from spot ETH ETFs, the coin’s market capitalization remains robust at $289.94 billion.
Solana (SOL) posted a remarkable 5% gain, now trading at $138, with a trading range of $127.25 to $138.25. The total market cap for Solana is approximately $64.78 billion, bolstered by a recent upgrade aimed at developers.
XRP also made strides, climbing nearly 1% to $0.586, with a low of $0.5631 and a high of $0.5895. Its market cap stands at $33 billion.
In the meme coin arena, Dogecoin (DOGE) rose by about 3%, now priced at $0.1041, while Shiba Inu (SHIB) gained nearly 4%, trading at $0.00001387. Other meme coins like Pepe, Dogwifhat, and Floki saw increases of 5% to 8%.
Leading today’s gains are:
Popcat (POPCAT): Up 20%, trading at $0.8571, with a low of $0.6556 and a high of $0.8747.
Sei (SEI): Also surged 20%, currently at $0.3377, with a trading range of $0.2627 to $0.3439.
Celestia (TIA): Notched an 11.28% gain, trading at $5.91, with intraday values between $5.01 and $6.15.
Conversely, some cryptocurrencies faced declines, including:
Nervos Network: Down 8%, trading at $0.01781.
KuCoin Token (KCS): Dropped nearly 4% to $7.45.
Monero (XMR): Fell about 1% to $171.73.
Overall, the crypto market cap has risen 3% over the past day to reach approximately $2.14 trillion, while total market volume surged by 21.36% to $91.32 billion, reflecting a growing optimism among investors following the Fed’s announcement.
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