Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, rose above the $62,000 mark early Thursday following the 50 basis point US federal rate cut, rallying investors’ confidence. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — landed in the greens across the board as the overall Market Fear & Greed Index stood at 40 (Neutral) out of 100, as per CoinMarketCap data. The Nervos Network (CKB) token, which was the biggest gainer yesterday, became the biggest loser today, with a 24-hour loss of nearly 10 percent. The SEI token became the top gainer, with a 24-hour jump of over 21 percent.
The global crypto market cap stood at $2.14 trillion at the time of writing, registering a 24-hour jump of 2.63 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $62,145, registering a 24-hour jump of 2.46 percent, as per CoinMarketCap. According to Indian exchanges, BTC price stood at Rs 49.04 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,411.01, marking a 24-hour gain of 3.14 percent at the time of writing. Ethereum price in India stood at Rs 1.98 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour jump of 2.86 percent, as per CoinMarketCap data, currently priced at $0.1042. Dogecoin price in India stood at Rs 8.52.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour gain of 1.39 percent. At the time of writing, it was trading at $65.15. LTC price in India stood at Rs 5,233.90.
Ripple (XRP) Price Today
XRP price stood at $0.588, seeing a 24-hour jump of 1.08 percent. Ripple price in India stood at Rs 47.96.
Solana (SOL) Price Today
Solana price stood at $138.55, marking a 24-hour gain of 4.91 percent. SOL price in India stood at Rs 11,239.17.
Top Crypto Gainers Today (September 19)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Sei (SEI)
Price: $0.3409
24-hour gain: 21.61 percent
Popcat (SOL) (POPCAT)
Price: $0.8593
24-hour gain: 19.59 percent
Celestia (TIA)
Price: $6.11
24-hour gain: 15.27 percent
Sui (SUI)
Price: $1.39
24-hour gain: 14.90 percent
Fantom (FTM)
Price: $0.651
24-hour gain: 12.63 percent
Top Crypto Losers Today (September 19)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Nervos Network (CKB)
Price: $0.01764
24-hour loss: 9.92 percent
KuCoin Token (KCS)
Price: $7.46
24-hour loss: 3.42 percent
Monero (XMR)
Price: $171.70
24-hour loss: 1.17 percent
Tether Gold (XAUt)
Price: $2,566.12
24-hour loss: 0.37 percent
Flare (FLR)
Price: $0.01479
24-hour loss: 0.33 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “The highly anticipated 50 basis point Federal rate cut has sparked a strong rally in the crypto market, with further rate cuts expected by the end of 2024. Bitcoin surged over 3%, trading around $62,000 after a brief dip from profit-taking. If sustained at these levels, BTC could attempt a rally towards $63,000 soon with key support closer to the $60,100 mark. Other coins such as Ethereum, BNB and Solana also went up as much as 4% with strong momentum and positive economic outlook by the Feds.”
CoinSwitch Markets Desk noted, “The Federal Reserve announced on Wednesday a 50 basis point cut to its benchmark interest rate, marking the first reduction since the onset of the COVID-19 pandemic. This decision sparked a rally across markets, with Bitcoin surging back above $62,000, and the S&P 500 gaining 0.7%. Lower rates are often viewed as bullish for Bitcoin, as they enable investors to borrow more cheaply to purchase riskier assets like BTC.”
Avinash Shekhar, Co-founder & CEO, Pi42, said, “Bitcoin's Battle at $60K: As the price surges past $62K following a Federal Reserve rate cut, short-term holders are selling from August, signaling a potential price bottom while Long-term holders continue to support the price above $60K, creating a tug-of-war between bulls and bears. With further rate cuts likely, Bitcoin could see even more development ahead, making the $60K level a critical battleground for market momentum."
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “TOn the daily timeframe, Bitcoin is poised to break the $60K resistance after bouncing from $52K, with the RSI indicating bullish momentum above 50. For a long-term rally, Bitcoin must surpass the 200-day moving average near $64K. The 4-hour chart shows the market has been making higher highs and lows since the rebound, suggesting a potential breakout above $60K is imminent, setting the stage for a move toward $64K. The RSI in this timeframe also reflects bullish momentum without being overbought, indicating a likely short-term price increase.”
CoinDCX Research Team told ABP Live, “The crypto market saw an uptick as the U.S. Federal Reserve cut interest rates by 50 basis points. Following the announcement, BTC reclaimed the $62,000 mark, while most altcoins experienced upside moves. Technically, BTC needs to hold above $62,000 to maintain momentum toward the range high towards $70k levels. If it drops below $62k, we might see choppy price action once again. BTC dominance continues to rise, reaching yearly highs above 58%. ETH, however, is still lagging behind, with the ETH/BTC pair continuing to drop and no clear sign of a bottoming out yet.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.