The cryptocurrency market rallied on Thursday, supported by the US Federal Reserve’s first interest rate cut in more than four years, with Shiba Inu leading the decline.
This is what happened:
🔹 Shiba Inu ($SHIB) has surged more than 20% in the past 24 hours, pushing its year-to-date gains to 85%, surpassing even Bitcoin and Dogecoin.
🔹 A year ago, SHIB suffered from market volatility, losing 90% of its value from its all-time high. But things have turned around dramatically.
Investment Comparisons:
A $1,000 investment in SHIB a year ago at $0.000007256 would have yielded 137,816,979 SHIB. Today, that stock is worth $2,621.27, representing a 162% increase.
A $1,000 investment in Bitcoin would now be worth $2,480, reflecting a 148% increase.
A $1,000 investment in Dogecoin would have turned into $2,033, reflecting a 103% increase.
Why is this important:
The total market cap of cryptocurrencies rose from $2.21 trillion to $2.3 trillion after the Federal Reserve cut interest rates by 0.5%.
Bitcoin surged above $65,000 for the first time since August 1, as cryptocurrency-linked exchange-traded funds saw five straight days of net inflows.
Investment analysts at Bernstein suggest that lower interest rates could revive crypto credit markets and boost sectors like DeFi.
