Get ready for some sizzling news from the crypto world! The total market cap in the crypto sphere has been on fire, adding around $100 billion daily.
After weeks of suspense, the US Federal Reserve finally decided to cut the key interest rates by 0.5%. This move set the stage for a massive rally in Bitcoin, sending it soaring to a 3-week high of over $62,600. Talk about a comeback!
And it's not just Bitcoin that's been having all the fun. Several altcoins have been stealing the spotlight with jaw-dropping gains. Think BCH, NEAR, AVAX, SUI, TAO, and many more.
The week kicked off with a bit of a scare as Bitcoin slipped from over $60,000 to under $58,000 on Monday. This dip followed a solid surge at the end of the previous week that saw BTC nearing $61,000 for the first time in a while. But hey, Bitcoin wasn't about to stay down for long.
By Tuesday, fueled by the buzz around the Fed's upcoming decision, Bitcoin was back over $61,000. Once Jerome Powell announced that sweet 50 basis point rate cut, BTC went on a wild ride. It yo-yoed between $61,000 and $59,000 before the bulls took full charge, propelling it to a high of $62,650 earlier this morning. That's its best performance since August 27!
Even though it's lost a bit of steam since then, BTC is still holding strong near $62,000, up by 3% for the day. Its market cap is flexing at over $1.220 trillion, and it's dominating the altcoin market with a 54.7% share.
Speaking of altcoins, they've been on a rampage too. Ethereum has boosted its value by over 5%, comfortably above $2,400. SOL has jumped 6% to near $140, while SHIB, LINK, APT, DOGE, and TON have all gained between 5-8%. And that's not all—Bitcoin Cash, NEAR, SUI, TAO, STX, FET, and a bunch of others have posted double-digit gains.
Even the smaller cap alts like POPCAT, SEI, TIA, and WIF have joined the party, surging by double digits. All this action has catapulted the total crypto market cap to a whopping $2.240 trillion.
So, did you enjoy this market update? Don't miss out on any of the price action in these red-hot crypto markets. Stay tuned, and keep riding the crypto wave!
