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It was a sea of green in the cryptocurrency industry after the massive interest rate cut by the Federal Reserve.
bitcoin (btc) led the gains, breaking above the important resistance point at $63,000 for the first time since August 27.
Reef, First Neiro on eth and Solar (SXP) lead
Most of the big gains came among smaller altcoins. Reef (REEF) soared parabolically and hit a high of $0.0048, its highest point since March 12. It has been one of the best-performing altcoins this month, up more than 670% from its low and taking its market cap to over $102 million.
Reef, which stands for reliable, extensible, efficient, and fast, surged a month after Binance delisted it from its exchange. This indicates that it is likely going through a short squeeze, with most of its trading taking place on Gate.io and WhiteBIT.
First Neiro on eth (NEIRO) has also been one of the best-performing coins this month. It rose to an all-time high of $0.00098, up more than 3,865% from its lowest level in September.
Other top-performing coins in this cryptocurrency recovery were Solar (SXP) and Billy (BILLY), which rose more than 50%.
This price development coincided with the performance of other assets. On the stock market, popular indices such as the Dow Jones and the Nasdaq 100 rose by more than 1%, which continued the upward trend that has been maintained over the past few months.
Massive Federal Reserve Rate Cut
The increase came after the Federal Reserve decided to cut interest rates by 0.50%, in line with most analysts' expectations. The Fed also hinted that it would implement further cuts if the labor market continued to weaken.
Most cryptocurrency analysts believe that the current rally has a future. In a note, Ki Young Ju wrote that the cryptocurrency rally is still underway. In another post by x, Ju, founder of CryptoQuant, noted that institutional investors were no longer shorting bitcoin.
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Additionally, bitcoin spot ETFs have seen inflows for five consecutive days, indicating that institutions likely bought the dip. According to Santiment, crypto sentiment has continued to rise, which is a positive catalyst for the industry.
And as crypto.news reported earlier, the crypto Fear and Greed Index has moved out of the fear zone and has risen to its highest point in weeks. In most periods, altcoins perform well when the index is in an uptrend.
