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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Sep 20, 2024 09:53 UTC
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US Fed Rate Cut Boosts Altcoin Rally: FTM, IMX, BAT Lead the Charge!
Recent interest rate cuts have led to a significant increase in whale transactions for altcoins like FTM, IMX, and BAT.
Fantom (FTM) has experienced a strong rebound after a bearish period, with a 60% increase in the past 30 days.
The overall crypto market has benefited from the Federal Reserve's interest rate cuts, with altcoins like FTM, IMX, and BAT showing positive growth.
The recent interest rate cuts by the Federal Reserve have sparked a surge in whale activity for prominent altcoins like Fantom (FTM), Immutable X (IMX), and Basic Attention Token (BAT), according to Santiment, a leading market intelligence platform.
In just the past day and a half, these altcoins have experienced a notable increase in transactions made by large holders, signaling growing confidence in their potential.
Intrigued by this sudden surge in whale interest? Read on to discover what’s driving this phenomenon and whether these altcoins are set for success.
A Sign of Confidence You Can’t Miss
Santiment’s report indicates that this uptick in whale transactions suggests robust confidence in the future performance of these altcoins. Large investors appear to believe that these assets could thrive, particularly in light of the Federal Reserve’s decision to lower interest rates.
After a brief period of bearish pressure, Fantom (FTM) has made a strong comeback as the market begins to recover. Over the last 30 days, FTM has surged by 60%, prompting investors to speculate whether it might soon reach the $1 mark. The price recently broke through a key trendline and successfully retested it.
Currently, FTM is trading at $0.66, with a market cap of $1.8 billion.
Immutable (IMX)
Immutable X (IMX) has been battling continuous resistance from a descending trendline since March, resulting in a gradual decline in price. As of now, IMX is priced at $1.36, reflecting a decrease of 1.86% in the last 24 hours.
Basic Attention Token (BAT)
Basic Attention Token (BAT) has experienced impressive growth since its integration with Brave Browser’s private ad platform. Currently, BAT is trading at $0.1867, reflecting a 3.8% rise, with a market cap of $279 million.
Broader Market Impact
The Federal Reserve’s interest rate cuts have not only boosted traditional financial markets but also positively influenced the broader crypto markets. Bitcoin and other leading cryptocurrencies have shown signs of growth, with altcoins like FTM, IMX, and BAT following suit.
If Bitcoin continues its upward trajectory, it could set the stage for even stronger performance from these altcoins.
Could this be the start of a new era for altcoins?
Also Check Out: Crypto Market Prediction: Will Ethereum’s Rebound Spark a Bullish Altcoin Surge?
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