After weeks of waiting, the Fed finally lowered interest rates by 0.5%. This decision sent Bitcoin over $63,000, reaching its highest level in the last three weeks. Many altcoins such as BCH, NEAR, AVAX outperformed, making significant gains. Analytics platform Santiment reported that crypto whales are showing strong interest in GMX Coin and certain altcoins.
Santiment: Whales Concentrate on GMX Coin and 5 Altcoins!
According to Kriptokoin.com, the Federal Reserve has made a more than expected reduction in interest rates. Following this decision, Santiment observed a significant increase in whale transactions. These altcoins include Stargate (STG), GMX Coin, Big Time (BIGTIME), Origin Token (OGN), GALA and Pixels (PIXEL). Santiment made the following statement regarding these developments:
“Altcoins are showing signs of an exit after the Fed’s 50 basis point rate cut. Assets like Fantom (+11%) and Sui (+8%) saw mini increases. Also, assets with increased whale activity include STG, GMX, BIGTIME, OGN, GALA, and PIXEL.” An increase in whale activity in the crypto market is generally considered a bullish signal. Santiment also highlighted other altcoins that are showing bullish signals and have the potential to rally in the near future; these include Fantom (FTM) and Sui (SUI).
Bitcoin’s Fed-Induced Volatility
This week, on Monday, Bitcoin’s price fell from $60,000 to below $58,000. However, the leading cryptocurrency did not stay at these levels for long. As excitement grew over the Fed’s actions, Bitcoin surpassed $61,000 on Tuesday. Following the US Federal Reserve meeting, when Jerome Powell announced a 50 basis point rate cut, BTC experienced a real surge. Bitcoin fluctuated between $61,000 and $59,000 several times before the bulls took control of the market, eventually rising to $63,500 early this morning. This was the highest price level since August 27. BTC is currently trading near $63,400, up 6.5% on the day. Its market cap has risen above $1.252 trillion, while its dominance in the altcoin market continues at 57.4%.
Altcoins with Bigger Profit
The altcoin sector has witnessed major price increases in recent days. Ethereum gained over 6% to $2,437. SOL rose 9.8% to pass $140. Assets such as SHIB, LINK, APT, DOGE, and TON gained between 5-10%. Additionally, Bitcoin Cash, NEAR, SUI, TAO, STX, FET, and several other altcoins saw double-digit gains.
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So who can benefit?
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I EXPLAIN IN DETAIL.
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WHEN WILL THE REWARD COME?
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You can share this post with your friends in need so that they can also benefit from it.
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