Bitcoin’s recovery above $62,000 is having a positive impact on altcoins, boosting prospects of a rally in APT, WIF, FTM and BGB.
Bitcoin (BTC) is trying to close the week above $62,500, well above the intra-week low of just under $60,000. This suggests buying at lower levels. Although the start to October, generally the strongest month of the year, has been slow, analysts expect things could pick up going forward.
One positive for the cryptocurrency markets is that the CME Group’s FedWatch Tool is pricing in a 97% probability of the Federal Reserve cutting rates by 25 basis point in their Nov. 7 meeting. Expectations are that a rate cut would boost a risk-on sentiment.
Crypto market data daily view. Source: Coin360
