The crypto market has been buzzing since the U.S. Federal Reserve decided to cut interest rates by 50bps for the first time in four years
The crypto market has seen a surge following the U.S. Federal Reserve's decision to cut interest rates by 50bps. This move was largely anticipated, with CME Group FedWatch indicating a 61% probability of a half-point cut compared to a 39% chance of a quarter-point hike.
As a result of this decision, Bitcoin, the leading cryptocurrency, has seen a notable surge, crossing the $62k mark. This indicates growing interest and activity among investors. The total crypto market valuation has also increased by over 3% to reach $2.14 trillion.
However, what is more interesting is the momentum being signaled by the overall altcoin market. According to on-chain data, altcoins are poised for a breakout, suggesting that the ‘altcoin season’ might be starting. Coins like Sui (SUI) and Fantom (FTM) are already leading the way in this regard.
Santiment, a market intelligence platform, has reported a bullish outlook for the altcoin market following the broader crypto market surge. In its report, Santiment highlights several altcoins that are already exhibiting bullish characteristics and are poised for an imminent rally.
According to the information, several altcoins, including Fantom (FTM) and Sui (SUI), are already seeing mini surges. Additionally, Santiment notes that large traders, also known as whales, have shown increased activity in some altcoins, indicating bullish signals that could contribute to their rally into Q4 2024. These altcoins include Stargate (STG), GMX, Big Time (BIGTIME), Origin Token (OGN), GALA, and Pixels (PIXEL).
STG and GMX have seen a 3,600% and 2,300% increase, respectively, in their whale transactions over the last 24 hours. BIGTIME and OGN have recorded a 1,360% and 1,000% increase in whale activity, respectively, while GALA and PIXEL have seen an 800% and 750% surge, respectively.
Meanwhile, Fantom, a directed acyclic graph (DAG) smart contract platform, has seen a significant uptrend over the last day. The coin has surged by 16.29% to trade at $0.6642, according to CoinMarketCap data. As a result of this surge, the token's price has moved above the key resistance level of $0.53, which coincides with the 50 weekly Moving Average (MA).
It is important to note that Fantom will be upgrading to Sonic and the FTM token will be replaced by S. The S token will be used in the ecosystem for activities such as paying for transaction fees, staking, running validators, and participating in governance.
The Sui network, a rapidly growing layer 1 blockchain network with the native token SUI, has seen impressive movements in the last 30 days, surging by 51% during this period. Moreover, the weekly overview still shows the coin surging by 34.72%. This growth has further spilled into its 24-hour trading, jumping by 15.14%. As a result, SUI trades at $1.38 at the time of writing.
The rapid growth of the Sui network is fueled by its strong ecosystem. On-chain data reveals that Sui has a total value locked (TVL) of $797 million, with over $360 million in stablecoin market cap.
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