These altcoins performed well amid the rate cuts

09/19/2024

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Following a period of eager anticipation, the US Federal Reserve has finally reduced the pivotal interest rates by 0.5%, sparking an impressive surge in bitcoin's value, propelling it to a three-week high surpassing $62,600.

However, it wasn't just bitcoin that experienced significant gains. Several altcoins outshone with remarkable increases, including BCH, NEAR, AVAX, SUI, TAO, among others, showcasing substantial growth.

In the ever-dynamic realm of altcoins, there have been significant movements with Ethereum climbing over 5% in value to comfortably sit above $2,400, SOL rising by 6% to near $140, while SHIB, LINK, APT, DOGE, and TON have experienced increases between 5-8%.

Additionally, Bitcoin Cash, NEAR, SUI, TAO, STX, FET, among others, have witnessed double-digit growth.

Some smaller-cap altcoins including POPCAT, SEI, TIA, and WIF have also enjoyed double-digit surges, contributing to the overall cryptocurrency market capitalization's $100 billion increase within a day. This expansion has elevated the total market cap to $2.240 trillion according to CG data.

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