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.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 PowellThis is all you need not to miss any price action in the raging crypto markets. Start receiving this recap, for free, every day: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.
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.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.
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