Bitcoin Surges Above $62K, Ethereum Crosses $2.4K Mark as Crypto Market Rallies Following FOMC Meeting

The Fed's decision to cut interest rates by 0.5% has bode well for the global crypto market. Following the recently concluded FOMC meeting

The Federal Reserve’s decision to slash interest rates by 0.5% bodes well for the global cryptocurrency market. Following the conclusion of the FOMC meeting, the broader crypto market experienced a rally that propelled cryptocurrency prices to noteworthy levels. Bitcoin surged past the $62k mark, while Ethereum finally breached the crucial $2,400 level.

This trend was evident in the total crypto market valuation, which surged by 3% to reach $2.14 trillion, according to on-chain data. Furthermore, investors’ sentiment in the market shifted from ‘fear’ to ‘neutral,’ as indicated by the crypto fear and greed index. Alternative data shows that this metric rose to ’49,’ a 4-point increase from yesterday’s ’45.’

Here's an overview of the top cryptocurrencies and their performance today.

Top Crypto Prices Today

The price of Bitcoin, the flagship cryptocurrency, experienced significant volatility over the last 24 hours. At the time of writing, CoinMarketCap data showed an increase of 2.79% to $62,090. Mirroring this uptrend, the BTC 24-hour trading volume also climbed by 18.14% to reach $46.7 billion.

However, this rally was not reflected in Bitcoin ETFs products, which recorded outflows. According to Soso Value data, Bitcoin ETFs saw $52.83 million in outflows as of September 18. It remains to be seen whether tomorrow’s data will present a different picture.

In the backdrop of the Federal Reserve’s decision, the leading altcoin, Ethereum, also saw a rise despite several on-chain data showing significant whale dumps to centralized exchanges. At the time of writing, ETH was valued at $2,424, indicating a 3.90% increase, according to CoinMarketCap data. However, ETH spot ETFs also saw outflows, to the tune of $9.74 million as of September 18.

Other Altcoin Prices

The price of Solana witnessed a 5.37% gain in value and was trading at $138.42 at press time. Solana’s intraday bottom and top were recorded as $127.17 and $139.12, respectively. The coin’s market cap reached $64.8 billion at press time.

Meanwhile, the Ripple-backed XRP price gained 1.17% in the past 24 hours to reach $0.5835. The coin traded between the low and high of $0.5627 and $0.5902, respectively. XRP’s market stood at $32.8 billion today.

Binance Coin (BNB) jumped by 2.14% to trade at $557 and maintained a 24-hour range of $536.44 and $563.01 respectively. TRX, on the other hand, recorded marginal gains in the last 24 hours. The TRX price spiked by 0.12% to change trade at $0.1503 with 24-hour lows and highs of $0.1485 and $0.1508 respectively.

Among the top gainers, Bittensor (TAO), an open-source protocol network, stood out with impressive gains in the last 24 hours. The coin maintained green patterns over the last 30%, up by 23.27%. At the time of writing, the altcoin was valued at $374.30, indicating a 15.95% increase. Additionally, TAO’s one-day trading volume surged by 24% to reach $147.4 million, making it the #58 most-traded asset in the last 24 hours.

In the memecoin market, the broader trend was also positive. Feeding on the renewed network activity, the Dogecoin price saw a 2.66% gain in value to $0.1042 today. Similarly, Shiba Inu, the second-largest memecoin by market cap, increased by 5.54% to reach $0.00001402.

Top Trending Crypto Gainers Today

Kadena (KDA) skyrocketed by 24.57% to reach $0.6468

ZetaChain (ZETA) added 23.67% to trade at $0.6985

Sei (SEI) jumped by 21.80% to reach $0.3345

Panda Swap (PANDA) surged 18.84% to reach $0.008337

Fantom (FTM