Cryptocurrencies are trading higher in mid-trading on Tuesday, September 9, as Bitcoin rises for the third consecutive session with a rise in market value. Expectations of a US interest rate cut support the rise of cryptocurrencies amid anticipation of US inflation figures.
Market expectations for a US interest rate cut have risen following the employment figures released at the end of last week. Markets are now pricing in three interest rate cuts, according to the CME’s FedWatch tool. This means cuts in the September, October, and December meetings, after previously pricing in only September and December. There are also some bets that the September cut will be 50 basis points, reaching 10%, with some expectations from institutions and investment banks, such as Standard Chartered, which now sees a 50 basis point cut in September following the employment figures. On the other hand, many experts and portfolio managers expect Bitcoin’s upward momentum to continue. Cathie Wood, CEO of Ark Invest, expects Bitcoin to outperform gold and continue its upward trend. Tom Pei, Managing Partner at Fundstrat Global Advisors, believes that Bitcoin’s $200,000 target is still on target by the end of the current year, as he expects a US interest rate cut to boost the asset.
The combined market capitalization of the cryptocurrency market, according to Coingecko, which includes more than 17,000 cryptocurrencies, rose 1.1% on Tuesday, bringing the market capitalization to $4.01 trillion.
Bitcoin is trading at $112,766,000, up about 0.57% at midday trading, with its market capitalization rising to $2.246 trillion. Ethereum, the second-largest cryptocurrency, is up about 0.76%, trading at $3,351,000, with a market capitalization estimated at $525 billion. XRP, or Ripple, maintains its third-largest market cap, rising by approximately 1.79% today, trading at $3.00 with a market cap of $178 billion.
Dogecoin tops the top 10 gainers today, with gains of approximately 3.84%, trading at $0.2417, with a market cap of $36 billion. Cardano, meanwhile, is up approximately 3.66%, trading at $0.8851, with a market cap of approximately $31 billion.
Solana, meanwhile, is up approximately 2.75%, trading at $218, with a market cap of $118 billion. TRON, meanwhile, is up 1.26%, trading at $0.3379, with a market cap of $31 billion.