WIF, PEPE, and SEI were among the top-performing altcoins as Bitcoin soared to over $63,800 on September 19th. These gains were driven by the US Federal Reserve’s 0.5% interest rate cut. Analysts say WIF could outperform the market in coming weeks
Meme coins Dogwifhat (WIF), Pepe (PEPE), and layer 1 blockchain Sei (SEI) rose to the top in the past 24 hours, with several altcoins recording the best performance.
SEI rose 19%, WIF 17% and PEPE 12% as the cryptocurrencies rose as Bitcoin rose above $63,000 on Thursday.
SEI price hit a high of $0.35 as volume surged 224% to over $345 million, according to CoinGecko data. Meanwhile, WIF traded as low as $1.81 across major exchanges, up 109% in 24 hours at the time of writing, with intraday trading volume exceeding $717 million.
Popcat (POPCAT), which has been on the rise since Kraken announced support for spot trading, continues to outperform all other top 100 coins by market cap. However, meme coin Pepe also posted a rise that ranked it among the best performers of the day. PEPE price rose more than 12%, reaching levels last seen on August 28th.
According to cryptocurrency analyst RookieXBT, the price of Dogwifat could ease losses seen during the recent downtrend in the coming weeks. Notably, analysts also expect further gains for POPCAT.
$WIF will erase 6 months of downtrend in 2-3 weeks, but you won’t believe it $POPCAT will revalue even more and become the 5th biggest meme, but you won’t believe it wax
believe in something
— RookieXBT 🧲 (@RookieXBT) September 19, 2024
Cryptocurrencies soar after Fed rate cut
Most of the coins that have seen significant gains over the past 24 hours did so after the market reacted positively to the US Federal Reserve’s interest rate cut on September 18th. For the first time in four years, the Federal Reserve cut interest rates by 50 basis points on Wednesday.
After this decision, the price of Bitcoin skyrocketed, and Bitcoin exceeded $60,000 for the first time, strengthening the overall sentiment. The price attempted resistance again around $62.2,000 before falling slightly, but then returned to levels above $63.8,000.
Solana (SOL) rose more than 10% to over $143, while altcoins like Sui, Aptos, Bittensor, and Avalanche each rose more than 12%.
