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Cryptocurrency News Articles
Altcoins Poised For a Breakout as Bitcoin (BTC) Crosses $62k Following Fed Rate Cut
Sep 19, 2024 at 02:58 pm
The crypto market has been buzzing since the U.S. Federal Reserve decided to cut interest rates by 50bps for the first time in four years
The crypto market has seen a surge following the U.S. Federal Reserve's decision to cut interest rates by 50bps. This move was largely anticipated, with CME Group FedWatch indicating a 61% probability of a half-point cut compared to a 39% chance of a quarter-point hike.
As a result of this decision, Bitcoin, the leading cryptocurrency, has seen a notable surge, crossing the $62k mark. This indicates growing interest and activity among investors. The total crypto market valuation has also increased by over 3% to reach $2.14 trillion.
However, what is more interesting is the momentum being signaled by the overall altcoin market. According to on-chain data, altcoins are poised for a breakout, suggesting that the ‘altcoin season’ might be starting. Coins like Sui (SUI) and Fantom (FTM) are already leading the way in this regard.
Santiment, a market intelligence platform, has reported a bullish outlook for the altcoin market following the broader crypto market surge. In its report, Santiment highlights several altcoins that are already exhibiting bullish characteristics and are poised for an imminent rally.
According to the information, several altcoins, including Fantom (FTM) and Sui (SUI), are already seeing mini surges. Additionally, Santiment notes that large traders, also known as whales, have shown increased activity in some altcoins, indicating bullish signals that could contribute to their rally into Q4 2024. These altcoins include Stargate (STG), GMX, Big Time (BIGTIME), Origin Token (OGN), GALA, and Pixels (PIXEL).
STG and GMX have seen a 3,600% and 2,300% increase, respectively, in their whale transactions over the last 24 hours. BIGTIME and OGN have recorded a 1,360% and 1,000% increase in whale activity, respectively, while GALA and PIXEL have seen an 800% and 750% surge, respectively.
Meanwhile, Fantom, a directed acyclic graph (DAG) smart contract platform, has seen a significant uptrend over the last day. The coin has surged by 16.29% to trade at $0.6642, according to CoinMarketCap data. As a result of this surge, the token's price has moved above the key resistance level of $0.53, which coincides with the 50 weekly Moving Average (MA).
It is important to note that Fantom will be upgrading to Sonic and the FTM token will be replaced by S. The S token will be used in the ecosystem for activities such as paying for transaction fees, staking, running validators, and participating in governance.
The Sui network, a rapidly growing layer 1 blockchain network with the native token SUI, has seen impressive movements in the last 30 days, surging by 51% during this period. Moreover, the weekly overview still shows the coin surging by 34.72%. This growth has further spilled into its 24-hour trading, jumping by 15.14%. As a result, SUI trades at $1.38 at the time of writing.
The rapid growth of the Sui network is fueled by its strong ecosystem. On-chain data reveals that Sui has a total value locked (TVL) of $797 million, with over $360 million in stablecoin market cap.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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- AI Companions – Pushing the Boundaries of Digital Companionship with AI, Blockchain, and VR
- Sep 20, 2024 at 11:30 pm
- As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a disruptive force in the emerging space of digital companionship.
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- Unique Network Unveils NFT XCM Transfers in a Developer Environment
- Sep 20, 2024 at 11:30 pm
- Unique Network is proud to introduce its innovative developer environment for NFT XCM transfers. It also seeks to redesign non-fungible tokens—NFTs—management across chains.
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- Rexas Finance: One of the Leaders in RWA Tokenization
- Sep 20, 2024 at 11:30 pm
- As the cryptocurrency market keeps evolving, new projects tend to catch the fancy of many, including experienced traders.
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- Peter Schiff Reignites Gold Vs. Bitcoin Debate
- Sep 20, 2024 at 11:30 pm
- While Bitcoin (BTC) faced a rejection at $64,000, gold has surged to a new all-time high of $2,619.36. This surge has fueled by growing concerns
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- Jupiter Mobile Is Making Crypto More Accessible and Affordable for Everyone
- Sep 20, 2024 at 11:30 pm
- There are no platform fees, so you won’t have to pay extra money just to use it. Plus, you can use Apple Pay, Google Pay, or even your credit card
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- DOGE Pumps Hard: The Strongest Meme Token Dominating Crypto
- Sep 20, 2024 at 11:15 pm
- Doge, Shib, and Floki will be left whimpering as the real alpha storms in. Meet DOGEN – the baddest, most bullish meme token to ever hit the market.
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- Catizen's $CATI Token Lists on Multiple Exchanges
- Sep 20, 2024 at 11:15 pm
- Mantle's flagship game, Catizen, officially launched its token, $CATI, on multiple exchanges today, including Binance, OKX, Bybit, Gate.io, and Bitget.
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- Bitcoin (BTC) Price Didn't Skyrocket Following Fed Interest Rate Cut
- Sep 20, 2024 at 10:37 pm
- Crypto Tips posted a video on YouTube to describe why the Bitcoin price did not have a major price explosion following the Federal Reserve's decision to cut the interest rate by 50 basis.
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- Catizen Launches Its $CATI Token on Binance, OKX, Bybit, Gate.io, and Bitget
- Sep 20, 2024 at 10:37 pm
- Mantle's flagship game, Catizen, officially launched its token, $CATI, on multiple exchanges today, including Binance, OKX, Bybit, Gate.io, and Bitget.