Recent developments, such as the U.S. Federal Reserve’s recent 50 basis point rate cut and the Bank of Japan’s stable interest rates decision, have given the crypto market a fillip.
On Sept. 18, the Federal Reserve announced a 0.5% point cut in its benchmark interest rate, marking the U.S. central bank’s first rate cut in four years. The rate cut announcement moderately boosted the total market capitalization of cryptocurrencies by approximately 4%, reaching $2.1 trillion as of Sept. 18, 2024. As of Sept. 26, the total cryptocurrency market capitalization is $2.24 trillion, up by approximately 6.67%.
The rate cut generally refers to a reduction in the federal interest rate. It lowers borrowing costs, supports employment, stimulates economic growth, and raises stock prices. It also impacts the crypto world: It increases liquidity and risk appetite, as investors might seek higher returns and invest in digital assets like cryptocurrencies and positive market sentiment.
The Bank of Japan (BoJ) kept the interest rate steady on Sept. 20 amid global uncertainty. Last month, a surge in the yen caused investors to unwind positions in risky assets, including cryptocurrencies. The BoJ ended negative interest rates in March and hiked short-term rates to 0.25% in July.
In the past, the U.S. Securities and Exchange Commission approved Bitcoin Spot Exchange Traded Funds (ETFs) and Ethereum ETFs, which injected substantial investments into the market and bolstered the overall sentiment.
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Crypto Markets’ Spectacular Performance
As of Sept. 26, 2024, Bitcoin is trading at $63,728; it has risen by 2.73% in the last seven days. The crypto market’s bounce back picked up momentum after the S&P 500 hit a new all-time high at levels 5,700+, highly influenced by the possibility of a 50 basis point interest rate cut on Sept. 18.
Due to the anticipation of the U.S. Fed’s rate cut, as of Sept. 17, the total crypto market capitalization had risen by approximately 4%, reaching $2.1 trillion. The rise in market cap includes gains from Bitcoin, which has increased by around 8.03%, and Ether, which has risen by approximately 0.92%.
As of Sept. 26, 2024, the latest data shows that Bitcoin (BTC) and Ethereum (ETH) experienced a slight pump, approximately 2.79%, and 7.97%, respectively, in the past seven days. The overall market sentiment, Fear and Greed index is 48 Neutral.
The surge in the crypto market can be attributed to several factors driving renewed investor optimism and heightened interest in digital assets. Despite facing challenges in 2023 due to global economic conditions, the market has demonstrated resilience and has bounced back strongly. While inflation didn’t directly impact the previous slump, other macroeconomic factors played a significant role.
Despite significant downturns in 2022 and 2023, Bitcoin experienced a resurgence in 2024. Following substantial jumps on March 8 and 14, Bitcoin surged to its all-new highs. This surge reflects renewed confidence and interest in the cryptocurrency market, attracting attention from investors worldwide. The rapid ascent of Bitcoin underscores the volatile nature of the crypto market and highlights the potential for both substantial gains and losses.
Performance of the Most Popular Cryptocurrencies
As we navigate the complexities of the digital age, cryptocurrencies like Bitcoin, Ethereum, and others continue to gain prominence, revolutionizing financial transactions, investment strategies, and economic paradigms. Join us as we explore the latest developments, trends, and insights shaping the dynamic world of cryptocurrency today.
Bitcoin (BTC):
Price: $63,802
Market Capitalization: $1.26 trillion
Bitcoin continues to assert its dominance in the cryptocurrency market, with its price showing resilience amidst market fluctuations despite a modest increase. Bitcoin maintains a very bullish technical rating, reflecting its strong position. With a 1-month performance of 1.58%, Bitcoin’s stability and widespread adoption make it a preferred choice for investors seeking long-term value and stability in the volatile crypto landscape.
Related: How To Buy Bitcoin
Ethereum (ETH):
Price: $2,625
Market Capitalization: $316.22 billion
Ethereum remains a stalwart in the cryptocurrency space, with its price remaining relatively stable at INR 348,999.0. As of Sept. 26, 2024, ETH had declined 1.98% in the last month and increased by 7.84% in the last seven days. Ethereum’s technical rating remains very bullish, indicating confidence in its underlying fundamentals. Ethereum continues to be a frontrunner in the development of decentralized applications and smart contracts, attracting both developers and investors alike.
Related: How To Buy Ethereum
USDT (Tether USD):
Price: $0.9999
Market Capitalization: $119.28 billion
Tether USD, the leading stablecoin, exhibits stability in its price. USDT remains a vital component of the cryptocurrency ecosystem, providing liquidity and stability to traders and investors. As of Sept. 26, 2024, its 1-month performance is -0.03%, Tether USD is a reliable anchor in market volatility, offering a haven for preserving capital.
Related: How To Buy USDT In India
Binance Coin (BNB):
Price: $595.14
Market Capitalization: $86.85 billion
As of Sept. 26, 2024, Binance Coin has been up approximately 7.20% from the last few days, maintaining a 76% bullish technical rating. BNB continues to showcase its resilience and attractiveness to traders and investors. Binance Coin’s ecosystem and utility within the Binance exchange contribute to its ongoing popularity and firm performance in the cryptocurrency market.
Related: How To Buy Binance Coin
Solana (SOL):
Price: $151.33
Market Capitalization: $71.04 billion
Solana faces a setback with a decline of 3.53% from the last month as of Sept. 26, 2024, yet retains a very bullish technical rating. Despite the minor dip, it has increased by approximately 14.63% in the last few days. Solana remains an attractive investment option due to its robust ecosystem and scalable blockchain platform. SOL continues to demonstrate its potential for growth and innovation in the evolving cryptocurrency landscape.
Related: How To Buy Solana
Note: The price and market capitalization is as of Sept. 26, 2024 via CoinMarketCap
What Lies Ahead For the Crypto Market?
The crypto market shows promising signs of continued growth and potential opportunities. With Bitcoin (BTC) and Ethereum (ETH) maintaining their positions as leading cryptocurrencies, investors are optimistic about the market’s trajectory.
The recent surge in cryptocurrency prices, positive developments such as the U.S. Federal rate cut and the Bank of Japan’s steady rates, and the SEC’s approval of Bitcoin and Ethereum Spot Exchange Traded Funds (ETFs) fueled expectations for further gains.
However, remaining cautious and mindful of the market’s volatility is essential. Past experiences, such as the significant price fluctuations witnessed in 2021, remind investors of the risks associated with cryptocurrency investments. Therefore, investors should carefully consider the market, diversify their portfolios, and implement prudent risk management strategies to navigate potential market fluctuations effectively.
As of Sept. 26, 2024, the total global crypto market capitalization stands strong at $2.25 trillion, reflecting significant interest and investment in digital assets. However, there’s a lingering question: Is this surge indicative of a sustained bull run, or could it be a setup for a bull trap?
It’s crucial to reflect on the historical performance of key cryptocurrencies like Bitcoin. In 2021, Bitcoin’s price surged to over $57,000 before plummeting into a prolonged bear market, shedding nearly 42% of its value by early 2022. This history serves as a reminder of the inherent volatility of the crypto market and the unpredictability of price movements.
The current volatility in Bitcoin’s prices isn’t unprecedented, and there’s no assurance that the ongoing rally will continue indefinitely. Investors must remain vigilant and acknowledge the high risk associated with investing in any asset class, whether centralized or decentralized. It’s essential to approach cryptocurrency investment with careful consideration and prudent risk management strategies.
In conclusion, while the recent surge in cryptocurrency prices offers promise for potential gains, investors must tread attentively and remain mindful of the market’s inherent volatility. It’s crucial to approach cryptocurrency investment with a well-thought-out strategy, informed decision-making, and a disciplined approach to risk management.
How To Invest in Crypto?
Investing in cryptocurrency can be lucrative but comes with its own set of risks. Here’s a comprehensive guide on how to invest in crypto:
Understand the Risks: The cryptocurrency market is highly volatile, and investing in it can be risky. Prices can fluctuate dramatically quickly, leading to substantial gains or losses.
Assess Financial Situation: Evaluate your financial situation and risk tolerance before investing. Determine how much you can afford to invest without affecting your financial stability.
Research Cryptocurrencies: Conduct thorough research on different cryptocurrencies. Learn about their technology, use cases, development teams, and market dynamics. Focus on well-established cryptocurrencies like Bitcoin and Ethereum and promising altcoins.
Keep Up with the Latest News: Follow reputable sources, forums, and social media channels to stay informed about market trends, regulatory updates, and technological advancements in the cryptocurrency space.
Choose a Reliable Exchange: Select a reputable cryptocurrency exchange to buy, sell, and trade cryptocurrencies. Look for exchanges with a good reputation, strong security measures, and a user-friendly interface. Choose an exchange that is FIU-compliant.
Secure Your Investments: Prioritize security measures to protect your cryptocurrency investments. Store your cryptocurrencies offline using hardware wallets or cold storage solutions to safeguard them from hacking or theft.
Diversify Your Portfolio: Spread your investments across different cryptocurrencies to minimize risk. Diversification can help mitigate losses if one cryptocurrency underperforms while others thrive.
Set Investment Goals: Define your investment goals and time horizon. Determine whether you’re investing for the short or long term and establish realistic expectations for returns.
Start Small: Begin with small investments to test the waters and gain experience in cryptocurrency trading. Avoid investing large sums of money until you’re comfortable navigating the market and understanding its dynamics.
Monitor Your Investments: Regularly monitor the performance of your cryptocurrency investments. Stay alert to market trends and be prepared to adjust your investment strategy accordingly.
Seek Professional Advice: Consider consulting with a financial advisor or cryptocurrency expert, especially if you’re new to investing or uncertain about your decisions. A professional can provide personalized guidance based on your financial goals and risk profile.
Stay Patient and Disciplined: Cryptocurrency investing requires patience and discipline. Avoid making impulsive decisions based on short-term market fluctuations and stick to your investment plan.
Step-by-Step Procedure:
Here’s a step-by-step guide on how to invest in cryptocurrency:
Step 1: Understand and research the current crypto market and its risks.
Step 2: Choose the amount you’re willing to invest.
Step 3: Choose the cryptocurrency you want to invest in.
Step 4: Choose a crypto exchange platform for your investment.
Step 5: Make your account through a crypto exchange platform.
Step 6: Complete the verification and know your customer (KYC) process.
Step 7: Fund your crypto account, and you’re ready to trade your desired crypto coin.
Step 8: Choose a crypto wallet to store your cryptocurrency. There are multiple digital wallets, such as mobile wallets, hardware wallets, desktop wallets, and online wallets. Learn more about the best crypto wallets in India.
Step 9: Secure your wallet.
Step 10: Hold and then sell or buy to gain profit as deemed appropriate.
Featured Partners
Legacy
Over 2 Million Investors Trust Mudrex for Their Crypto Investments
Security
Mudrex is Indian Govt. recognized platform with 100% insured deposits stored in encrypted wallets
Fees
Enjoy zero crypto deposit fees and industry’s best fee rates.
Grow Your Passive Income
250+ cryptoassets available
Why Uphold
Just $1 minimum deposit
Fees
Enjoy 0% bank deposit & withdrawal fees*
Multiple Award-Winning Broker
Listed On Deloitte Fast 50 index, 2022 Best Global FX Broker – ForexExpo Dubai October 2022 & more
Best-In-Class for Offering of Investments
Trade 26,000+ assets with no minimum deposit
Customer Support
24/7 dedicated support & easy to sign up
Please invest carefully, your capital is at risk
Bottom Line
Investing in cryptocurrency can be a rewarding venture, but it’s essential to approach it with caution and diligence. By understanding the risks, conducting thorough research, and following a disciplined investment strategy, you can navigate the crypto market effectively and potentially capitalize on its growth opportunities. Remember to stay informed, patient, and vigilant in protecting your investments.
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