As a seasoned analyst with over two decades of experience in the financial markets under my belt, I must admit that the current state of the cryptocurrency industry is reminiscent of the dot-com boom of the late 90s – a rollercoaster ride filled with exhilarating highs and nerve-wracking lows. However, this time around, it seems that the “green sea” of altcoins such as Reef (REEF), First Neiro on ETH (NEIRO), Solar (SXP), and Billy (BILLY) is stealing the show.
The cryptocurrency market flourished following the significant reduction in interest rates by the Federal Reserve, painting it a verdant scene.
Bitcoin (BTC) experienced significant growth, breaking through the crucial barrier of $63,000 for the first time since August 27th.
Reef, First Neiro on ETH, and Solar (SXP) lead
The majority of significant price increases were seen in smaller cryptocurrencies, not the larger ones. Reef (REEF) experienced a dramatic surge, reaching a peak of $0.0048, which was its highest level since March 12. This month, REEF has been one of the top-performing altcoins, rising more than 670% from its lowest point and increasing its market capitalization to over $102 million.
Following the removal of Reef from Binance‘s exchange a month ago, there has been a significant increase in its value. This rise suggests that it might be experiencing a brief short squeeze, as the majority of its trades are currently being conducted on Gate.io and WhiteBIT.
This month, NEIRO on Ethereum (NEIRO) has shown exceptional performance and stands out among other coins. Reaching an all-time high of $0.00098, it saw a staggering increase of more than 3,865% compared to its lowest point in September.
As an analyst, I observed a significant surge in performance among various cryptocurrencies during their recent resurgence. Notably, Solar (SXP) and Billy (BILLY) stood out with gains exceeding 50%.
This price movement occurred simultaneously with changes in other investments. In the stock exchange, well-known indices such as the Dow Jones Industrial Average and the Nasdaq Composite Index increased more than 1%, extending a bull market trend that has persisted for several months now.
Fed’s jumbo rate cut
Following the Federal Reserve’s decision to lower interest rates by half a percentage point, as predicted by many experts, there was a noticeable increase in economic activity. Additionally, the Fed suggested further reductions could be on the horizon if the job market showed signs of deterioration.
According to many cryptocurrency experts, this current surge in crypto prices seems to have more room for growth. In a recent statement, Ki Young Ju, the founder of CryptoQuant, asserted that the bullish trend in cryptocurrencies is still ongoing. Furthermore, he pointed out that institutional investors are no longer betting against Bitcoin.
Over the past five months, there’s been a significant drop (75%) in institutions’ aggressive betting against Bitcoin through CME futures markets.
— Ki Young Ju (@ki_young_ju) September 19, 2024
Furthermore, there’s been a five-day streak of investments into Bitcoin ETFs, suggesting that major players may have taken advantage of the price drop. As per Santiment, the optimism surrounding cryptocurrencies has persisted, serving as an encouraging factor for the sector.
Previously, crypto.news shared that the Crypto Fear & Greed Index has climbed out of the fear zone and reached its peak in a while. Typically, altcoins perform favorably when this index trends upward.
Read More
Sorry. No data so far.
2024-09-19 18:00