The crypto market update for September 19, 2024 Asian trading hours sees Bitcoin break above $62,000.
BTC price rose as traders cheered the US Federal Reserve’s 0.5% interest rate cut – the first one since 2020. Most altcoins also traded higher, with Ethereum gaining to above $2,450.
Here’s a crypto roundup of how Sui, Avalanche, Cardano, Internet Computer and Dogecoin reacted to the Fed’s rate cut and other market news and catalysts.
Bitcoin price
Market reaction to the Federal Reserve’s 50 basis points interest rate cut at the end of the FOMC meeting saw Bitcoin price rise to highs of $62,508 across major exchanges.
Bitcoin also rose as former US president Donald Trump made his first public BTC transaction at a bar in Manhattan. While BTC has pared some of these Asian trading session gains, it currently remains above $62,000.
Other factors may yet impact markets, but crypto analysts are upbeat. For instance, CryptoQuant CEO Ki Young Ju says institutional investors are not aggressively shorting BTC as was the case over the past five months.
Institutions are no longer aggressively shorting #Bitcoin. CME futures net positions have declined by 75% over the past 5 months.
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Sui price
SUI rose more than 15% to hit highs last seen in April 2024. The surge to $1.40 comes amid a 62% spike over the past two weeks.
K33 Research sees SUI as one of the top coins to watch, particularly its potential to be a tough competitor to Solana. Circle recently announced the native launch of its stablecoin USDC on Sui.
Meanwhile, analysts at K33 Research say the SuiPlay0x1 gaming console could be another catalyst for the altcoin. SUI/USD reached its all-time high of $2.17 in March, which means bulls are about 38% off that milestone.
Avalanche price
AVAX price shot to a three-week high early Thursday as altcoins mirrored Bitcoin’s upside. With double-digit movement of over 12%, Avalanche was among top gainers as price touched $26.14.
The Avalanche price may benefit from an overall surge in altcoins. However, likely to add to the impetus is the upcoming Avalanche Summit LATAM.
Also crucial is the growing DeFi ecosystem that has liquid staking protocols’ total value locked on Avalanche up more than 13% in the past two weeks.
Cardano price
ADA price rose more than 5% and bounced off resistance around $0.35 on Thursday morning.
While Cardano’s price remains in a downtrend since the decline from highs of $0.78 in March 2024, its likely to see upward momentum alongside other top altcoins.
The recent successful launch of the Chang hard fork is a key upgrade that could buoy community sentiment.
Dogecoin price
DOGE is the OG meme coin. However, its performance has recently lagged other top meme projects, with Popcat’s outperformance standing out over the past weeks.
TON ecosystem meme coins such as DOGS, and TRON-based SUNDOG have been on top. But Dogecoin’s retest of $0.105 suggests a break to $0.14 could happen. If this registers, DOGE could eye $0.22 reached in early April.
Internet Computer price
Internet Computer price climbed to near $8.40, gaining 6% in early trading on Sept. 19. A break to $9.00 would allow bulls to target the psychological $10 level.
Apart from the overall positive mood around cryptocurrencies, ICP price gained amid a major partnership announcement.
On Sept. 19, the DFINITY Foundation announced it had signed a letter of intent with Cambodia’s Ministry of Industry, Science and Technology & Innovation.
ICP will use the collaboration to explore decentralized applications around AI, smart city and cloud tech.
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