Cryptocurrency experts name the key reason for the growth of major digital assets

Following the aggressive rate cut by the US Federal Reserve, cryptocurrencies such as Bitcoin BTC $65,438.70 Bitcoin -0.36% Market capitalization $1.29 trillion VOL. 24 hours $0.6 billion , Ethereum ETH $2,674.04 Bridged Ether (StarkGate) -1.19% Market capitalization $0.2 billion VOL. 24 hours $0.36 billion , and Dogecoin DOGE $0.02 Department Of Government Efficiency 3.42% Market capitalization $24.22 million VOL. 24 hours $0.21 billion have seen their prices rise. The Federal Reserve cut the interest rate by 50 basis points, which, in turn, boosted investor interest in the digital asset market.

Thus, Bitcoin grew by 1.73% to reach $ 62,980.73, and Ethereum added 2.45% to reach $ 2,452.33. Dogecoin also grew, although less significantly, by 0.16% to $ 0.1042. The overall cryptocurrency market grew by 1.80%, reaching a capitalization of $ 2.17 trillion.

Over the past 24 hours, the volume of liquidations in the cryptocurrency market has exceeded $ 124 million, with $ 77 million falling on downward positions. This indicates the dominance of traders who opened long positions on the main exchanges — Binance and Bybit.

Analysts predict further growth of cryptocurrencies. According to analyst Ali Martinez, Bitcoin has to pass the key 200-day average line to confirm the further bullish trend.

Similarly, another crypto expert, Michael van de Poppe, noted that the likelihood of further rate cuts will increase interest in Ethereum and DeFi projects.