yolowire.com - Prices for altcoins aresurging days after the U.S. Federal Reserve lowered interest rates by 50-basispoints.
Total3, an index that tracks the market capitalization of the top 125 cryptocurrencies, excluding Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), has risen 6% since the U.S. central bank cut rates.
That’s ahead of Bitcoin’s 4% gain and Ethereum’s 5% increase in recent days.
Altcoins are cryptocurrencies other than Bitcoin and Ethereum.
Some altcoins, such as Solana (CRYPTO: SOL) and BitcoinCash (CRYPTO: BCH), have gained as much as 10% since the rate cut announcement on Sept. 18.
The Federal Reserve’s interest rate reduction has sent investors rushing back into riskier assets such as stocks and cryptocurrencies.
Bitcoin’s price has touched $64,000 U.S. in recent days, its highest level in more than a month.
Analysts expect more gains in digital coins and tokens in coming months as the U.S. Federal Reserve telegraphs more rate cuts ahead.