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Crypto Prices Surge Post US Fed Rate Cut: Nov. 08 Update
The post Crypto Prices Surge Post US Fed Rate Cut: Nov. 08 Update appeared on BitcoinEthereumNews.com. The global crypto market cap is down by 0.60%, hovering around $2.5 trillion with an FGI of 72 points for greed sentiments, as of Nov. 08. The slight dip has left the crypto market unaffected now that the US Federal Reserve has slashed lending rates by a quarter point, that is by 25 bps. The decision was due this Thursday with anticipation that the Fed would go more dovish than it did in September 2024, that is when rates were brought down by 50 bps despite a little hint of that factor. BTC and ETH have marked crucial upticks. Other cryptocurrencies are in the picture too, like SOL and DOGE which have soared decently in the last 24 hours. ETH Outperforms BTC Amid Upticks Ethereum tokens have once again outperformed Bitcoin tokens in a single-day growth. BTC is exchanging hands at $75,891.65, up by 1.44% to now test the support level of $75k for a potential surge to $80,000 by the end of November 2024. Analysts believe that bitcoin and gold will benefit the most after Donald Trump assumes the US Presidential office in January 2025. That said, chances are that their values will see a boost in the days to come. Spot Bitcoin ETFs recorded a massive inflow of $1.3 billion on November 07, 2024, taking the historical cumulative net inflow to $25.5 billion. Courtesy: Coinmarketcap Ethereum tokens are closer to $3,000 and could breach that mark in the next week. Current value is $2,906.63, up by 2.45% in a single day and 15.76% in weekly gains. The projected year-end value for ETH is $4,000 with an alternate optimistic estimate of $4,250. Spot Ether ETFs are lagging in comparison to Spot Bitcoin ETFs. The net inflow on the same day was $79.7 million for a historical cumulative net outflow…
The post Crypto Prices Surge Post US Fed Rate Cut: Nov. 08 Update appeared on BitcoinEthereumNews.com.
The global crypto market cap is down by 0.60%, hovering around $2.5 trillion with an FGI of 72 points for greed sentiments, as of Nov. 08. The slight dip has left the crypto market unaffected now that the US Federal Reserve has slashed lending rates by a quarter point, that is by 25 bps. The decision was due this Thursday with anticipation that the Fed would go more dovish than it did in September 2024, that is when rates were brought down by 50 bps despite a little hint of that factor. BTC and ETH have marked crucial upticks. Other cryptocurrencies are in the picture too, like SOL and DOGE which have soared decently in the last 24 hours. ETH Outperforms BTC Amid Upticks Ethereum tokens have once again outperformed Bitcoin tokens in a single-day growth. BTC is exchanging hands at $75,891.65, up by 1.44% to now test the support level of $75k for a potential surge to $80,000 by the end of November 2024. Analysts believe that bitcoin and gold will benefit the most after Donald Trump assumes the US Presidential office in January 2025. That said, chances are that their values will see a boost in the days to come. Spot Bitcoin ETFs recorded a massive inflow of $1.3 billion on November 07, 2024, taking the historical cumulative net inflow to $25.5 billion. Courtesy: Coinmarketcap Ethereum tokens are closer to $3,000 and could breach that mark in the next week. Current value is $2,906.63, up by 2.45% in a single day and 15.76% in weekly gains. The projected year-end value for ETH is $4,000 with an alternate optimistic estimate of $4,250. Spot Ether ETFs are lagging in comparison to Spot Bitcoin ETFs. The net inflow on the same day was $79.7 million for a historical cumulative net outflow…
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