WIF, PEPE, SEI Surge as Bitcoin Soars Above $63,800

• WIF, PEPE, and SEI ranked among the leading altcoins as Bitcoin rose above $63,800 on September 19.
• The uptick in prices followed a 0.5% interest rate reduction from the US Federal Reserve.
• Analysts predict that WIF could outperform the market in the upcoming weeks.

Meme cryptocurrencies dogwifhat (WIF) and Pepe (PEPE), along with layer 1 blockchain Sei (SEI), have emerged as top performers within the last 24 hours as multiple altcoins register their best growth in quite some time.

SEI experienced a 19% increase, WIF climbed 17%, and PEPE rose 12% as the crypto market surged alongside Bitcoin reaching above $63,000 on Thursday.

As per CoinGecko data, SEI peaked at $0.35 with its trading volume soaring 224% to over $345 million. Simultaneously, WIF traded at $1.81 on major exchanges, achieving an intraday volume exceeding $717 million and boasting a 24-hour rise of 109% at the time of this writing.

Popcat (POPCAT), which has gained momentum since Kraken introduced spot trading support, continued to outperform all other top 100 coins by market capitalization. Nonetheless, meme coin Pepe also noted significant gains, ranking among the day’s top performers. PEPE’s price surged over 12% to reach levels not seen since August 28.

Crypto analyst RookieXBT believes that dogwifhat’s price could recover losses sustained during its recent downturn within weeks. The analyst anticipates further growth for POPCAT as well.

$WIF is poised to reverse six months’ worth of downtrend in 2-3 weeks, but you wouldn’t believe it$POPCAT is set to revalue further, potentially becoming the 5th largest meme coin, though you wouldn’t believe it

have faith in something

— RookieXBT (@RookieXBT) September 19, 2024

Crypto surges after Fed reduces interest rates

Most cryptocurrencies that have reported notable gains in the past 24 hours are experiencing upward momentum following the market’s reaction to the US Federal Reserve’s interest rate cut on September 18. The Fed reduced rates by 50 basis points for the first time in four years on Wednesday.

Bitcoin’s price soared in the aftermath of this announcement, initially exceeding $60,000, which helped lift overall market sentiment. Prices retraced to test resistance near $62.2k before experiencing a brief dip, only to rebound above $63.8k.

Solana (SOL) surpassed $143 with over 10% gains, while other altcoins such as Sui, Aptos, Bittensor, and Avalanche saw increases exceeding 12% respectively.