Is The Uptober Bull Run Starting? AI Cryptos Jump 8%, Meme Coins Surge 7% As ETH And SOL Soar
An Uptober bull run seems to have started early, driven by a surge across AI cryptos, meme coins, and major tokens like Solana (SOL) and Ethereum (ETH) after the Federal Reserve slashed interest rates by 50 basis points on Sept. 18. AI cryptos soared more than 8% in the last 24 hours, while the meme coin sector surged 7%, according to CoinGecko. At the same time, layer-1 tokens SOL and ETH climbed 8% and 5%, respectively, signaling growing momentum across the crypto market. Altogether, the crypto market cap climbed 2.7% to $2.21 trillion, according to CoinMarketCap. Easing Monetary Policy Gives Uptober Bull Run An Early Start The surge in prices across the crypto market follows the Federal Reserve Bank’s first interest rate cut in more than four years on Wednesday. In 2022, interest rates were bumped up to a 23-year high as a result of surging inflation triggered by supply chain bottlenecks caused by the Covid pandemic and Russian’s invasion of Ukraine. Investors subs...