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Ethereum Outperforms Bitcoin Following Federal Reserve Rate Cut

Time:2024-09-23 Click:985


According to Odaily, since the Federal Reserve lowered the federal funds rate by 50 basis points last Wednesday, Ethereum has outperformed Bitcoin. This upward trend aligns with a significant increase in the weighted perpetual futures funding rate for ETH open interest, indicating stronger demand for long positions and growing trader optimism about a potential rise in ETH prices.

However, Ruslan Lienkha, the market head at cryptocurrency exchange YouHodler, cautions that while the market sentiment towards Ethereum is optimistic, there is a risk of a market correction if the optimism becomes excessive or if external factors change.

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