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The cryptocurrency market has experienced a significant surge following the U.S. Federal Reserve’s decision to reduce interest rates by 50 basis points. This move has sparked an upward trend, with <a href="https://thebitjournal.com/going-gets-tough-for-bitcoin-miners/" target="_blank" rel="noopener">Bitcoin</a> (BTC) breaking past the $62,000 level, attracting substantial investor interest. Similarly, Ethereum (ETH), Solana (SOL), and XRP have seen gains ranging from 1% to 4%. In the past 24 hours, the total market value of cryptocurrencies has increased by 3%, reaching $2.14 trillion. 
BTC Price Continues Its Climb Bitcoin’s price has surged by nearly 3% in the last 24 hours, with BTC currently trading at $62,151. The daily low was recorded at $59,218.25, while the high reached $62,578.77. This positive momentum has generated optimism among investors, despite Bitcoin ETF outflows totaling $52.83 million. Interestingly, Bitcoin’s market dominance has also risen by 0.14%, reaching 57.33%, highlighting its influence in the crypto space. Notably, Skybridge Capital founder Anthony Scaramucci predicts that BTC could reach $100,000 in the near future. 
<img loading="lazy" loading="lazy" decoding="async" class="alignnone size-full wp-image-45189" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/09/image-96-1536x613-1.webp" alt="The Fed's Move Shakes the Crypto Market: BTC and Altcoins Eyeing New Highs! = The Bit Journal" width="1536" height="613" title="The Fed's Move Shakes the Crypto Market: BTC and Altcoins Eyeing New Highs! 25"> 
Ethereum Gathers Momentum Ethereum (ETH) has gained nearly 3% in value over the last day, currently trading at $2,407. The daily low and high were recorded at $2,278.66 and $2,408.26, respectively. Despite a $9.74 million outflow from spot ETH ETFs, Ethereum continues its upward trend, driven by market optimism following the latest FOMC meeting. Additionally, large whale transfers to Coinbase have drawn attention, further contributing to the price action.<img loading="lazy" loading="lazy" decoding="async" class="alignnone size-full wp-image-45190" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/09/image-98-1536x612-1.webp" alt="The Fed's Move Shakes the Crypto Market: BTC and Altcoins Eyeing New Highs! = The Bit Journal" width="1536" height="612" title="The Fed's Move Shakes the Crypto Market: BTC and Altcoins Eyeing New Highs! 26"> 
Solana and XRP Surge BTC’s upward momentum has positively impacted other altcoins. Solana (SOL) has surged 5% to hit $138, with daily lows and highs recorded at $127.25 and $138.25. Solana’s recent software updates have bolstered its position, increasing demand from major investors. Similarly, XRP has gained 1%, trading at $0.586, with a market cap holding steady at $33 billion. Investors are closely watching these positive movements.<img loading="lazy" loading="lazy" decoding="async" class="alignnone size-full wp-image-45191" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/09/image-99-1536x705-1.webp" alt="The Fed's Move Shakes the Crypto Market: BTC and Altcoins Eyeing New Highs! = The Bit Journal" width="1536" height="705" title="The Fed's Move Shakes the Crypto Market: BTC and Altcoins Eyeing New Highs! 27"> 
Meme Coins Get a Boost Following BTC’s rise, meme coins have also capitalized on the broader market momentum. Dogecoin (DOGE) has seen a 3% increase, trading at $0.1041, while Shiba Inu (SHIB) has jumped 4% to $0.00001387. Other meme tokens, including Pepe, Dogwifhat, and Floki, have gained between 5% and 8%, maintaining investor interest in this volatile segment.<img loading="lazy" loading="lazy" decoding="async" class="alignnone size-full wp-image-45192" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/09/image-100-1536x624-1.webp" alt="The Fed's Move Shakes the Crypto Market: BTC and Altcoins Eyeing New Highs! = The Bit Journal" width="1536" height="624" title="The Fed's Move Shakes the Crypto Market: BTC and Altcoins Eyeing New Highs! 28"> 
With these encouraging trends, crypto investors are keeping a close eye on market movements, eagerly anticipating further gains. As always, The Bit Journal advises conducting thorough research before making any investment decisions.

The Fed’s Move Shakes the Crypto Market: BTC and Altcoins Eyeing New Highs!

The Bit Journal

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