Ethereum Surges Ahead of Bitcoin After Fed Interest Rate Cut Sparks Crypto Rally
Crypto Market Flourishes Post Fed Interest Rate Cut
Bitcoin and Ether Lead the Charge
Leading cryptocurrencies Bitcoin and Ether are experiencing significant gains following the U.S. Federal Reserve’s recent interest rate cut. Bitcoin’s value has risen by 1.2% in the last 24 hours and nearly 8% over the week, trading near $63,000. Ether, on the other hand, has surged to around $2,600 with a 2.5% increase in the last day and an impressive 15% rise over the week, according to CoinMarketCap.
Altcoins Join the Rally
Following the Federal Open Market Committee’s decision to lower interest rates by 50 basis points, the overall crypto market has seen an upswing. Altcoins like Solana, Dogecoin, and Cardano have gained 8.5%, 4.9%, and 5.9% respectively over the past week.
AI-Driven Tokens Witness Remarkable Growth
The AI-driven token sector has experienced significant growth, with tokens such as Artificial Superintelligence Alliance, Bittensor, and Sui surging 25%, 81%, and 38% in a week as investors capitalize on the momentum sparked by the Fed’s rate cut.
Potential Recovery for Crypto ETFs
Spot Bitcoin and Ether ETFs Outlook
Spot Bitcoin and Ether ETFs have faced challenges in recent months. While spot Bitcoin ETFs saw mixed inflows and outflows in September, spot Ether ETFs experienced predominantly outflows. However, the scenario may change following the Fed’s interest rate cut, potentially leading to increased investor allocation to crypto ETFs.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
