- When Bitcoin surged to over $63,800 on Sept. 19, WIF, PEPE, and SEI have been among the many best-performing altcoins.
- These will increase got here following a 0.5% rate of interest reduce by the US Federal Reserve.
- Analysts say WIF may outperform the market within the coming weeks.
Meme cash dogwifhat (WIF) and Pepe (PEPE), in addition to layer-1 blockchain Sei (SEI) have been among the many prime gainers over the previous 24 hours, as a number of altcoins posted their finest performances in a while.
Cryptocurrencies additionally rose on Thursday as Bitcoin surged above $63,000, with SEI up 19%, WIF up 17% and PEPE up 12%.
In response to knowledge from CoinGecko, the value of SEI hit a excessive of $0.35 and buying and selling quantity elevated 224% to over $345 million, whereas WIF was buying and selling at $1.81 on main exchanges and was up 109% in 24 hours on the time of writing, with every day buying and selling quantity exceeding $717 million.
Since Kraken introduced spot buying and selling assist, POPCAT has been on the rise, outperforming all different prime 100 cash by market cap. Nevertheless, meme coin Pepe additionally recorded a large acquire, rating as probably the greatest performers of the day. Pepe's worth rose by over 12%, reaching ranges final seen on August 28.
In response to cryptocurrency analyst RookieXBT, dogwifhat’s worth may pare again the losses seen within the current downtrend throughout the coming weeks. Notably, analysts additionally count on additional beneficial properties for POPCAT.
$WIF It’ll erase a six-month downtrend in just a few weeks, however you gained't consider it.$Popcat Will probably be much more costly and turn out to be the fifth greatest meme, however you gained't consider it.
Consider in one thing
— RookieXBT 🧲 (@RookieXBT) September 19, 2024
Cryptocurrencies surge after Federal Reserve fee reduce
A lot of the cash that noticed huge worth beneficial properties over the previous 24 hours recorded beneficial properties because the market reacted to the Federal Reserve’s rate of interest reduce on Sept. 18. The Fed reduce rates of interest by 50 foundation factors on Wednesday for the primary time in 4 years.
Following this choice, Bitcoin costs skyrocketed, with BTC surpassing $60,000 for the primary time, strengthening the general sentiment. The worth dropped barely after retesting resistance close to $62,200, however then surged again up above $63,800.
Solana (SOL) surged over 10% to $143, whereas altcoins reminiscent of Sui, Aptos, Bittensor, and Avalanche recorded beneficial properties of over 12% every.
