The global crypto market cap is up by 1.82%, hovering around $2.19 trillion with an FGI of 48 points for neutral sentiments. This comes a day after the Federal Reserve slashed lending rates by 50 bps. In the past 24 hours, every possible crypto has maintained its gains and even made a few more. For instance, BTC and ETH gained over 2% and 4%, respectively. It is yet to be determined whether the gains will be carried forward, as numerous reactions are beginning to appear in new reports.
ETH Overperforms BTC
In the last 24 hours, Bitcoin tokens have increased by 2.53%. At $63,699.23, traders aim to reach the short-term target of $80,000 as soon as possible. BTC enthusiasts find it surprising to see ETH outperforming the flagship tokens. On the other hand, Ether holders are not surprised, as they anticipated the performance. If anything, it strengthens the belief that ETH will, one day, surpass Bitcoin.
In the same time frame, ETH is up by 5.10% exchanging hands at $2,572.63. In terms of the Federal Reserve and its rate cut, some argue that the aggressive 50 bps cut is motivated only by the economy’s poor performance. Alternatively, it is the result of a political move to quench the thirst of those who were undecided about whom to vote for.
Meme Coins See It Too
Meme Coins are also experiencing a bull run a day after the Fed’s rate cut. While it is difficult to determine whether they are currently being preferred over BTC and ETH, it is reasonable to presume that investors are exploring the meme coin segment. That being said, the top two meme coins are experiencing a similar contest to the one that took place yesterday. SHIB has again outperformed DOGE, the top-ranked meme token. Shiba Inu has soared by 3.51% in a single day to a value of $0.00001437.
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Dogecoin is climbing the ladder at the rate of 2.34%. Currently trading at $0.1067, Dogecoin is aiming to reach $0.11 within the next five days. SHIB and DOGE are not precisely closing the gap between their market caps; however, they are moving forward at a decent pace.
Other Gainers and Losers
BNB and SOL are up. It is mainly SOL that is making waves across the market. Solana’s native token has gained 5.97% in value to trade at $146.19. It goes on to make up for a surge of 8.65% in the last 7 days. BNB is only up 2.34% to $573.08. XRP continues to struggle and make strong strides, only rising by 0.89% in the last 24 hours and floating at $0.5907.
PEPE and WIF are back to where they were, or rather, expected to be. The frog-themed meme coin is up by 7.54%, and WIF has gained 9.35% in the last 24 hours. Consequently, they have emerged as the top two meme tokens in a single day. Both have consistently been featured on the list of the most preferred meme coins. By the looks of it, the thesis is justified.
Conclusion
Discussions around the Federal Reserve’s rate are likely to gain momentum, or at least drop a few hints. Their impact on the cryptocurrency market is yet to be determined. Before BTC, ETH, and other cryptocurrencies reach new highs, sentiments will be temporarily impeded by fluctuations.
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Disclaimer: Values were true at the time this article was written. This content is not investment advice.
