The global crypto market cap is up by 3.03%, hovering around $2.14 trillion with an FGI of 44 points. This is the ideal time for cryptocurrencies such as Bitcoin and Ethereum to surge to their highest levels, as the Federal Reserve has announced a significant rate cut. Despite hinting earlier that only a cut of 25 bps was in the picture, it comes to 50 bps. Policymakers have lowered the lending rates. Votes were 11-1, which was a more than favorable outcome for taking the call. Lending rates are not reported to be between 4.75% and 5%. Chances are that authorities will again cut rates two times by the end of this year.
BTC and ETH Surge
Needless to say, the announcement about the rate cut has brought a spike in the values of Bitcoin and Ethereum. They are up by 2.93% and 4.23%, respectively, in the last 24 hours. BTC is currently trading at $62,103.64, while Ethereum tokens are trading at $2,414.28. Bitcoin, for one, is on track to meet near-term predictions of $80,000, which should arrive in the next 30 days. Assuming a situation where the Federal Reserve cuts rates two more times, it will certainly take BTC closer to $150,000, which is an alternate possibility often stated by crypto enthusiasts.
Ethereum outperformed BTC. This satisfies those who believe in the token. ETH prediction indicates that ETH is long poised to outrank Bitcoin tokens—eventually—at least in terms of market cap. While it may take some time for the token value to increase, the community is confident that surpassing Bitcoin in terms of market cap is something doable. Meanwhile, investors are excited to inject liquidity into the ecosystem, predicting a surge in ETH now that lending rates are down.
Meme Coins Mark a Massive Surge
Dogecoin and Shiba Inu are up by 3.45% and 5.22%, respectively, in the last 24 hours. Meme Coins are not only seeing a surge because of a rise in BTC and ETH values. Optimism surrounding rate cuts and an announcement about World Liberty Financial also bolster them. Interestingly, the second-ranked meme coin has outperformed DOGE, similar to how ETH has outperformed BTC. SHIB’s goal of being a better token in terms of market cap is likely to attract that sentiment.
Every other meme coin has experienced an increase, with PEPE emerging as one of the most preferable altcoins. The frog-themed meme coin is up by 7.06% for a value of $0.0000078. The meme coin segment is seeing a rise in one specific token, Member, which is the world’s first meme coin casino ICO. According to the last report, it has raised $250k.
Other Gainers and Losers
There are no losers today in the crypto market. Call it the beauty of the Fed’s action. XRP has experienced a slight increase of 0.88% due to the challenges Ripple is facing within its ecosystem. Effects are more evident from the surge that SOL and BNB have demonstrated in the last 24 hours. In the last 24 hours, they have risen by 5.66% and 2.74%, respectively applicable in the same order.
WIF and FLOKI increased by 9% and 6.38%, respectively, during the same time frame. They are among the top gainers in the meme coin segment.
Conclusion
Surges will be unstoppable unless whales or a large number of investors take action to profit from these growing trends. Meme Coins will follow the trail even if their native factors refuse to back them.
Disclaimer: Values were true at the time this article was written. This content is not investment advice.
Source: https://www.cryptonewsz.com/federal-reserve-slashes-rates-crypto-pick-pace/