- WIF, PEPE, and SEI were among the best performing altcoins as Bitcoin broke through $63,800 on September 19.
- These gains came following a 0.5% interest rate cut by the U.S. Federal Reserve.
- Analysts said WIF could outperform the market in the coming weeks.
Meme coins Dogweed (WIF), Pepe (PEPE), and layer 1 blockchain Sei (SEI) were among the biggest gainers over the past 24 hours, while several altcoins were among the best performers.
Cryptocurrencies also rose, with SEI up 19%, WIF up 17%, and PEPE up 12%, while Bitcoin surged above $63,000 on Thursday.
According to CoinGecko data, SEI’s price hit a high of $0.35 and its volume jumped 224% to over $345 million. Meanwhile, WIF was trading at $1.81 on major exchanges and had a 24-hour volume of over $717 million, up 109% at the time of writing.
Popcat (POPCAT), which has been on the rise since Kraken announced support for spot trading, continues to outperform all other top 100 coins by market cap. However, meme coin Pepe also showed decent gains, making it one of the best performing coins of the day. PEPE’s price surged by more than 12%, reaching levels last seen on August 28.
According to cryptocurrency analyst RookieXBT, the price of dogwifhat has the potential to reduce the losses seen in the recent downtrend within a few weeks. Notably, the analyst also expects further upside for POPCAT.
$WIP You won’t believe that a 6 month downtrend will disappear in 2-3 weeks.Popcat It’s going to go up in price and become the 5th biggest meme, but you won’t believe it.
believe in something
— RookieXBT 🧲 (@RookieXBT) September 19, 2024
Cryptocurrency Surges After Federal Reserve Rate Cut
Most of the coins that have shown significant gains over the past 24 hours are doing so after the market rallied following the U.S. Federal Reserve’s rate cut on September 18. For the first time in four years, the Fed cut rates by 50 basis points on Wednesday.
Bitcoin’s price surged after the decision, with BTC first breaking above $60,000 to boost overall sentiment. The price retested resistance near $62,200 before declining slightly and then surging above $63,800.
Solana (SOL) broke through $143 with a gain of more than 10%, while altcoins such as Sui, Aptos, Bitmain, and Avalanche each recorded gains of more than 12%.