Top Cryptocurrencies Rises as Markets Eye Fed Rates Cut
Top cryptocurrencies gained ahead of U.S. Federal Reserve’s rates decision while the market assessed latest job data – several large altcoins were rising.
According to data from CoinMarketCap.com, Bitcoin (BTCUSD) price has increased by 0.73% to $112,057 in the last 24 hours due to fresh retail investors’ demand.
Bitcoin extended its recovery from a low of $109,993 on Sept. 6, reaching an intraday high of $112,107 early Monday. The world’s largest cryptocurrency hit a new high of more than $124,000 last month amid optimism over interest-rate cuts.
While Bitcoin, Ethereum and other crypto assets price have fallen back since then, last week’s weak jobs report has traders increasingly confident in future rate reductions.
Analysts explained that lower fed fund rates make risky assets such as stocks and digital assets more attractive relative to interest-bearing investments such as bonds.
Reduced rates also tend to weaken the dollar, which boosts crypto valuations. Ethereum price inched higher to $4,312, up by 0.09% on the day.
XRP rose by 3.74% to $2.93 during early trading hour on Monday and Solana was up by 5.20% to $214.32 in the market. Dogecoin, which is a memecoin, was gaining 6.54% on the day to $0.2334.
Bitcoin has just surpassed a major liquidity zone, raising questions about what comes next for the crypto asset. According to CoinGlass, based on the BTC orderbook heatmap, liquidity is concentrated around $109,500-$110,000.
Traders are closely watching U.S. inflation reports, which could influence cryptocurrency prices. This week, the markets will be watching data releases for upcoming catalysts for digital assets, with producer and consumer inflation reports due midweek. #Top Cryptocurrencies Rises as Markets Eye Fed Rates Cut#
