Bitcoin failed to break out of its range, but other major coins rose on Wednesday as the Federal Reserve implemented its first interest rate cut of the year.

CryptocurrencyGains +/-Price (Recorded at 9:25 p.m. ET)
Bitcoin (CRYPTO: BTC)-0.13%$116,605.69
Ethereum (CRYPTO: ETH)
               
+1.98%$4,607.27
XRP (CRYPTO: XRP)                         +1.24%$3.08
Solana (CRYPTO: SOL)                         +3.71%$245.69
Dogecoin (CRYPTO: DOGE)                         +4.40%$0.2819

Bitcoin Stuck Despite Fed Rate Cut

Bitcoin slipped below $117,000 and consolidated in the $116,000 region. Ethereum, on the other hand, broke past $4,600, with trading volume climbing 51% in the 24-hour period. XRP and Dogecoin spiked 1.24% and 4.40%, respectively.

Bitcoin's dominance dropped below 57%, while capital rotated to altcoins, boosting their market share to 30%.

Over $350 million was liquidated from the cryptocurrency market in the last 24 hours, with long position traders losing $188 million. That said, about $400 million in Bitcoin shorts risked liquidation if the apex cryptocurrency rebounds to $118,000.

Bitcoin’s open interest fell 1.01% in the last 24 hours. Despite this, over 54% of Binance derivatives traders with open BTC positions were long as of this writing.

Interestingly, Binance traders with open BTC positions flipped bearish, with more than 52% betting against the coin, according to the Long/Short ratio.

Top Gainers (24 Hours) 

Cryptocurrency (Market Cap>$100 M))Gains +/-Price (Recorded at 9:25 p.m. ET)
Aster (ASTER)    +437.99%$0.4539
APX (APX)    
               
+361.53%$0.4418
Toshi (TOSHI)          +47.47%$0.0008916

The global cryptocurrency market capitalization stood at $4.08 trillion, increasing by 0.81% in the last 24 hours.

Dow Gains After Fed Rate Cut, Dovish Guidance

Stocks were a mixed bag on Wednesday. The Dow Jones Industrial Average rallied 260.42 points, or 0.6%, at 46,018.32. The S&P 500, on the other hand, closed down 0.1% at 6,600.35, while the tech-heavy Nasdaq Composite fell 0.3% to 22,261.32.

The Federal Reserve delivered its first rate cut of the year, slashing its benchmark interest rate by 25 basis points to 4.00%-4.25%.

The Summary of Economic Projections now predicts a federal funds rate of 3.6% by the end of 2025, down from the 3.9% median forecast in June, implying that more cuts may be on the way.

Bitcoin Primed For $120,000?

IncomeSharks, a widely followed X account dedicated to stock and cryptocurrency analysis, expected Bitcoin to hit $120,000 by the end of the week or during the weekend.

A similar forecast was made by technical analyst CrypNuevo, who predicted Bitcoin to hit $120,000 next. 

Web3 commentator ZYN highlighted a “bullish cross” on Ethereum’s price chart.

ETH surged 60% and 24% in July and August, respectively, after similar formations, the analyst said, adding that a repeat could push the coin above $5,000 this month.

A bullish cross is formed when a short-term moving average crosses above a long-term moving average, signalling a potential bullish trend.

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