Leading cryptocurrencies like Bitcoin, Ethereum, and Dogecoin showed noticeable gains on Thursday as investors responded positively to the Federal Reserve’s assertive half-point interest rate cut, escalating demand for cryptocurrencies. This bullish forecast for King Crypto hinges on a specific condition discussed by a top trader.
### Cryptocurrency Market Reaction to Fed’s Interest Rate Cut
| Cryptocurrency | Gains +/- | Price (Recorded at 9:45 p.m. EDT) |
| Bitcoin BTC/USD | +1.73% | $62,980.73 |
| Ethereum ETH/USD | +2.45% | $2,452.33 |
| Dogecoin DOGE/USD | +0.16% | $0.1042 |
### Bitcoin, Ethereum, and Dogecoin See Uptick in Trading
Following the announcement of a 50 basis point interest rate cut by the Federal Reserve, Bitcoin reached its highest value in nearly four weeks, peaking above $63,800 before descending to just below $63,000 as some investors cashed in on their gains. Since this strategic monetary adjustment by the Fed, Bitcoin has jumped almost 6%. Ethereum also saw a significant rise, nearly touching $2,500 before stabilizing in the mid-$2,400 range. Dogecoin experienced a modest gain, adding to the overall positive sentiment in the cryptocurrency market.
### Increased Cryptocurrency Liquidations and Market Sentiment
In the past 24 hours, total cryptocurrency liquidations surged beyond $124 million, with downside bets accounting for $77 million of this figure. Bitcoin’s funding rate remained positive on major exchanges like Binance and Bybit, indicating a strong presence of long-position traders. Despite these movements, the market sentiment remained neutral as per the Cryptocurrency Fear and Greed Index.
### Top Gainers in the Cryptocurrency Market
| Cryptocurrency | Gains +/- | Price (Recorded at 9:45 p.m. EDT) |
| Bittensor (TAO) | +11.87% | $378.80 |
| Core (CORE) | +11.51% | $1.07 |
| Immutable (IMX) | +9.06% | $1.50 |
### Stock Market Performance Amidst Cryptocurrency Growth
The global cryptocurrency market capitalization reached $2.17 trillion, reflecting a 1.80% increase in the last 24 hours. Parallel to this growth, the stock market also soared to new highs. The Dow Jones Industrial Average climbed by 522.09 points to close at 42,025.19, marking its first-ever close above 42,000. Additionally, the S&P 500 and Nasdaq Composite also experienced significant gains, ending at 5,713.64 and 18,013.98, respectively.
### Expert Analysis on Bitcoin and Ethereum
Prominent cryptocurrency analyst Ali Martinez pointed out that Bitcoin’s RSI has broken through a key resistance trendline, signaling a bullish breakout. However, Martinez stressed that Bitcoin needs to reclaim the 200-day moving average to confirm the continuation of the bull run.
Another renowned analyst, Michaël van de Poppe, highlighted Ethereum’s promising prospects following the rate cut, predicting increased inflows into ETFs and a heightened interest in yield opportunities.
Prominent market activities and analyses confirm that the cryptocurrency landscape is rapidly evolving, presenting both opportunities and considerations for traders.
Photo by Svetlana Parnikova on Shutterstock
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