It was a positive movement in the cryptocurrency industry following the significant interest rate cut by the Federal Reserve. Bitcoin led the gains, surpassing the crucial resistance point at $63,000 for the first time since August 27.

Altcoins Lead the Charge

Most substantial gains were observed among smaller altcoins. Reef saw an impressive surge, reaching a high of $0.0048, its highest level since March 12. This altcoin has been one of the top performers this month, increasing by over 670% from its lowest point and bringing its market cap to over $102 million.

Reef, which stands for reliable, extensible, efficient, and fast, experienced this surge a month after Binance delisted it from its exchange. This suggests a potential short squeeze, with most of its trading happening on Gate.io and WhiteBIT.

First Neiro on ETH (NEIRO) also showed remarkable performance this month, reaching a record high of $0.00098, up by over 3,865% from its lowest level in September.

Other top performers in this crypto resurgence included coins like Solar (SXP) and Billy (BILLY), both rising by over 50%.

Market Performance and Federal Reserve Rate Cut

This price action mirrored the performance of other assets. In the stock market, popular indices such as the Dow Jones and Nasdaq 100 rose by over 1%, continuing the ongoing bull market trend over the past few months.

The surge followed the Federal Reserve’s decision to cut interest rates by 0.50%, aligning with most analysts’ expectations. The Fed also indicated the possibility of further cuts if the labor market continues to weaken.

Analyst Insights and Institutional Activity

Many crypto analysts believe the current rally has potential for sustainability. Ki Young Ju noted in a statement that the crypto bull run is still ongoing. In another post, Ju, the founder of CryptoQuant, highlighted that institutional investors are no longer shorting Bitcoin.

Institutions are no longer aggressively shorting #Bitcoin. CME futures net positions have declined by 75% over the past 5 months.

Additionally, spot Bitcoin ETFs have seen inflows for five consecutive days, suggesting that institutions likely bought the dip. According to Santiment, crypto sentiment has continued to rise, acting as a positive catalyst for the industry.

The crypto fear and greed index has moved out of the fear zone, reaching its highest point in weeks. Historically, altcoins perform well when this index trends upwards.

For more updates on cryptocurrency and financial news, continue exploring the latest insights.

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