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It was a sea of green in the cryptocurrency industry after the jumbo interest rate cut by the Federal Reserve.
Bitcoin led the gains, cruising above the important resistance point at $63,000 for the first time since Aug. 27.
In recent market activity, smaller altcoins have experienced significant gains. Reef (REEF) went parabolic, soaring by 54.2% to reach $0.0048, its highest price since March 12. This represents a massive 670% increase from its lowest point, bringing its market cap to over $102 million. Reef’s surge followed Binance’s delisting of the token, suggesting a potential short squeeze. Most of its trading is now happening on Gate.io and WhiteBIT.
First Neiro on ETH (NEIRO) also saw substantial growth, reaching a record high of $0.00098, marking an increase of over 3,865% from its September lows. Additionally, Solar (SXP) and Billy (BILLY) rose by more than 50%, contributing to a broader altcoin comeback.
This rally in cryptocurrencies coincided with gains in traditional markets, with the Dow Jones and Nasdaq 100 rising by over 1%. The Federal Reserve’s decision to cut interest rates by 0.50% also played a role, with potential for further cuts depending on labor market conditions
Analysts believe the crypto rally has momentum. According to Ki Young Ju, institutional investors have stopped shorting Bitcoin, while inflows into spot Bitcoin ETFs have persisted for five consecutive days. The crypto fear and greed index has shifted to its highest level in weeks, signaling a more optimistic sentiment in the market. Historically, altcoins perform well during such periods of increased positivity.
