Why is the cryptocurrency market up today?
The cryptocurrency market rebound has gained momentum after the S&P 500 hit a new all-time high at 5,670, influenced by the possibility of a 50 basis point interest rate cut on September 18.
The total cryptocurrency market capitalization has increased by about 4% over the past 24 hours, reaching $2.1 trillion. The increase in market cap includes gains from Bitcoin
BTC
and Ether (ETH), which are up around 5% and 3.4%, respectively. Cryptocurrency market performance on September 18. Source: Coin360
Let's look at the factors that are driving the cryptocurrency market today.
Risk sentiment boosted the cryptocurrency market Today’s rally mirrors the strength seen in US stocks. The S&P 500 hit a new all-time high at 5,670.81, and is up roughly 20% in 2024. This performance highlights the impact of the rising valuation of the largest companies listed on US stock exchanges. Meanwhile, market participants have shifted their focus to the US Federal Reserve’s decision following a two-day Federal Open Market Committee (FOMC) meeting scheduled for September 17-18.
