WIF, PEPE, and SEI were among the best-performing altcoins when Bitcoin surged to over $63,800 on Sept. 19. These gains followed the Federal Reserve's 0.5% interest rate cut. Analysts say WIF could outperform the market in the coming weeks.
Meme coins dogwifhat (WIF) and Pepe (PEPE), as well as layer-1 blockchain Sei (SEI) were among the top gainers over the past 24 hours, as several altcoins posted their best performances in some time.
Cryptocurrencies also rose on Thursday as Bitcoin surged above $63,000, with SEI up 19%, WIF up 17% and PEPE up 12%.
According to data from CoinGecko, the price of SEI hit a high of $0.35 and trading volume increased 224% to over $345 million, while WIF was trading at $1.81 on major exchanges and was up 109% in 24 hours at the time of writing, with daily trading volume exceeding $717 million.
Since Kraken announced spot trading support, POPCAT has been on the rise, outperforming all other top 100 coins by market cap. However, meme coin Pepe also recorded a sizable gain, ranking as one of the best performers of the day. Pepe's price rose by over 12%, reaching levels last seen on August 28.
According to cryptocurrency analyst RookieXBT, dogwifhat’s price could pare back the losses seen in the recent downtrend within the coming weeks. Notably, analysts also expect further gains for POPCAT.
$WIF will break a 6 month downtrend in 2-3 weeks, you won't believe it. $POPCAT will rise even higher and become the 5th biggest meme, you won't believe it.
Believe in something
— RookieXBT 🧲 (@RookieXBT) September 19, 2024
Cryptocurrencies surge after Federal Reserve rate cut
Most of the coins that saw big price gains over the past 24 hours recorded gains as the market reacted to the Federal Reserve’s interest rate cut on Sept. 18. The Fed cut interest rates by 50 basis points on Wednesday for the first time in four years.
Following this decision, Bitcoin prices skyrocketed, with BTC surpassing $60,000 for the first time, strengthening the overall sentiment. The price dropped slightly after retesting resistance near $62,200, but then surged back up above $63,800.
Solana (SOL) surged over 10% to hit $143, while altcoins such as Sui, Aptos, Bittensor, and Avalanche recorded gains of over 12% each.
