Bitcoin failed to break out of its range, but other major coins rose on Wednesday as the Federal Reserve implemented its first interest rate cut of the year.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.13% | $116,605.69 |
|
Ethereum (CRYPTO: ETH) |
+1.98% | $4,607.27 |
| XRP (CRYPTO: XRP) | +1.24% | $3.08 |
| Solana (CRYPTO: SOL) | +3.71% | $245.69 |
| Dogecoin (CRYPTO: DOGE) | +4.40% | $0.2819 |
Bitcoin Stuck Despite Fed Rate Cut
Bitcoin slipped below $117,000 and consolidated in the $116,000 region. Ethereum, on the other hand, broke past $4,600, with trading volume climbing 51% in the 24-hour period. XRP and Dogecoin spiked 1.24% and 4.40%, respectively.
Bitcoin's dominance dropped below 57%, while capital rotated to altcoins, boosting their market share to 30%.
Over $350 million was liquidated from the cryptocurrency market in the last 24 hours, with long position traders losing $188 million. That said, about $400 million in Bitcoin shorts risked liquidation if the apex cryptocurrency rebounds to $118,000.
Bitcoin’s open interest fell 1.01% in the last 24 hours. Despite this, over 54% of Binance derivatives traders with open BTC positions were long as of this writing.
Interestingly, Binance traders with open BTC positions flipped bearish, with more than 52% betting against the coin, according to the Long/Short ratio.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M)) | Gains +/- | Price (Recorded at 9:25 p.m. ET) |
|---|---|---|
| Aster (ASTER) | +437.99% | $0.4539 |
|
APX (APX) |
+361.53% | $0.4418 |
| Toshi (TOSHI) | +47.47% | $0.0008916 |
The global cryptocurrency market capitalization stood at $4.08 trillion, increasing by 0.81% in the last 24 hours.
Dow Gains After Fed Rate Cut, Dovish Guidance
Stocks were a mixed bag on Wednesday. The Dow Jones Industrial Average rallied 260.42 points, or 0.6%, at 46,018.32. The S&P 500, on the other hand, closed down 0.1% at 6,600.35, while the tech-heavy Nasdaq Composite fell 0.3% to 22,261.32.
The Federal Reserve delivered its first rate cut of the year, slashing its benchmark interest rate by 25 basis points to 4.00%-4.25%.
The Summary of Economic Projections now predicts a federal funds rate of 3.6% by the end of 2025, down from the 3.9% median forecast in June, implying that more cuts may be on the way.
Bitcoin Primed For $120,000?
IncomeSharks, a widely followed X account dedicated to stock and cryptocurrency analysis, expected Bitcoin to hit $120,000 by the end of the week or during the weekend.
A similar forecast was made by technical analyst CrypNuevo, who predicted Bitcoin to hit $120,000 next.
Web3 commentator ZYN highlighted a “bullish cross” on Ethereum’s price chart.
ETH surged 60% and 24% in July and August, respectively, after similar formations, the analyst said, adding that a repeat could push the coin above $5,000 this month.
A bullish cross is formed when a short-term moving average crosses above a long-term moving average, signalling a potential bullish trend.
Read Next:
Photo Courtesy: OMG_Studio on Shutterstock.com
