As a seasoned researcher with over two decades of experience in the financial markets, I’ve witnessed countless market fluctuations and trends. However, the recent surge in Bitcoin and altcoins like Sei and Popcat has caught my attention. The confluence of events, such as the Fed’s interest rate cut and BlackRock’s endorsement of Bitcoin, seems to have fueled this rally.
In a 24-hour period, the value of the native token on the high-frequency cryptocurrency trading blockchain platform called “Sei” surged by over 23%, largely due to a rally in popular altcoins that occurred simultaneously with an increase in Bitcoin‘s price.
On September 19th, the value of SEI increased significantly, going from a low of $0.26 to $0.35 on various platforms. This surge in value led to an impressive 159% increase in trading volume, with over $270 million worth of SEI being exchanged. Additionally, the market capitalization of this altcoin reached a notable figure of $1.1 billion.
In the top 100 cryptocurrencies ranked by market capitalization, SEI experienced the second-highest increase in value, just behind Popcat (POPCAT) which surged even more. Solana’s meme coin soared by approximately 33% over a 24-hour period, putting its current price around $0.92.
Both SEI and POPCAT were outpacing Bitcoin (BTC)’s 6% and Ethereum (ETH)’s 5.2% gains.
Currently, as I’m typing this, coins like Bittensor (TAO) and Sui (SUI) are among those that have seen increases of more than 19% to 16% over the last 24 hours.
Bitcoin surges to $63.2k
On September 19th, the US Federal Reserve reduced interest rates. Prior to this announcement, BlackRock – the global leader in asset management – published a report on Bitcoin, highlighting its possible role as a key investment within portfolios.
BlackRock views Bitcoin as a potential investment option that investors might utilize for portfolio diversification or risk mitigation in the face of economic and geopolitical uncertainties.
Bitcoin surged amid these developments, reaching intraday highs of $63,236 across major exchanges.
BlackRock’s entry into the crypto market via its spot Bitcoin exchange-traded fund coincided with the digital asset’s price jump to an all-time high above $73,000 in March. Several top analysts predict that BTC’s price will surge long term.
In the report they’ve published, BlackRock outlines factors they believe could drive Bitcoin’s price upward in the future.
The future growth of Bitcoin usage will primarily depend on fluctuations in worries about international financial volatility, global political tension, the sustainability of U.S. finances, and the stability of U.S. politics.
BlackRock.
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2024-09-19 16:50