Bitcoin Remains Stable While Ethereum, XRP, and Dogecoin Surge After Fed Rate Cut
Bitcoin failed to break out of its trading range, but other major cryptocurrencies rose following the Federal Reserve's first interest rate cut of the year.
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The cryptocurrency market experienced mixed movements after the Federal Reserve implemented its first interest rate cut of the year. Bitcoin remained relatively stable around $116,605, unable to break out of its current range, while other major cryptocurrencies showed significant gains.
Ethereum rose 1.98% to $4,607.27, XRP increased 1.24% to $3.08, Solana gained 3.71% to $245.69, and Dogecoin jumped 4.40% to $0.2819. Bitcoin's market dominance fell below 57% as altcoins captured 30% of the market share. The market saw over $350 million in liquidations within 24 hours, with long position traders losing $188 million.
Several analysts remain optimistic, with predictions that Bitcoin could reach $120,000 by week's end if current trends continue. The total cryptocurrency market capitalization reached $4.08 trillion, representing a 0.81% increase.
Meanwhile, traditional markets showed mixed results, with the Dow Jones rising 0.6% while the S&P 500 and Nasdaq declined slightly.
Original Article
benzinga.comhttps://www.benzinga.com/crypto/cryptocurrency/25/09/47730484/bitcoin-unmoved-by-fed-rate-cut-ethereum-xrp-dogecoin-spike-analyst-says-btc-should-see-120