Ethereum, Solana Outpace Bitcoin Gains As Crypto Market Gains After Fed Signals More Scope For Rate Cuts

Altcoins Ethereum (ETH), Solana (SOL), and others outperformed Bitcoin (BTC) as the cryptocurrency market recovered in early morning trade on Wednesday after Federal Reserve Chairman Jerome Powell signaled that the central bank may have some scope to slash interest rates further.

According to the CME Group’s Fed Watch Tool, the market estimates a 97.8% chance of another 25 basis points cut at the next Federal Open Market Committee (FOMC) meeting.

Solana (SOL) led gains among the top 10 cryptocurrencies by market capitalization, followed by Ethereum (ETH). Solana’s price gained more than 4% in the last 24 hours, trading at around $202 at the time of writing. On Stocktwits, retail sentiment around the token trended in ‘bullish’ territory, accompanied by ‘high’ levels of chatter over the past day. Ethereum’s price gained 3.5%, with retail sentiment around the leading altcoin also trending in the ‘bullish’ zone with ‘high’ levels of chatter.

Bitcoin (BTC), meanwhile, only edged 0.7% higher in the last 24 hours. Bitcoin’s price was trading at around $112,000 at the time of writing, with retail sentiment also in ‘bullish’ territory, along with ‘high’ levels of message volume. 

According to on-chain analysis firm Glassnode, the Bitcoin options markets show net premium concentration between $115,000 and $130,000, suggesting traders remain positioned for upside. “Despite the futures flush, call demand dominates, implying investors see the drawdown as a leverage reset,” it said.

Among other altcoins, Binance Coin (BNB) rose 1.6% while meme token Dogecoin (DOGE), Ripple’s native token XRP (XRP), and Cardano (ADA) gained more than 2% each. 

CoinGlass data showed more than $378 million in crypto liquidations over the past 24 hours. The overall cryptocurrency market gained 1.3%, valued at around $3.92 trillion at the time of writing. 

On the equities side, shares of Strategy (MSTR), the largest corporate holder of Bitcoin, edged 0.9% higher in pre-market trade. Meanwhile, shares of Ethereum-backed digital asset treasury (DAT) firm Bitmine Immersion Technologies (BMNR) gained more than 2%. Crypto-exchange Coinbase (COIN) climbed 1.6%. 

Read also: Dow Futures Build On Gains Following Powell’s Speech On Labor Market Weakness: ASML, BAC, UAL, MS Among Stocks To Watch

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share

·

Add us on