Solana Outshines Bitcoin, Ethereum On Corporate Treasury Push As Fed Cut Bets Fuel Crypto Gains

Major cryptocurrencies largely ticked up late Monday, following a surge in equity markets, as investors increasingly hoped for a Federal Reserve rate cut.

Bitcoin rose by over 0.1% to $111,400.78 at 11:13 p.m. ET, while XRP increased 1.6% over the past 24 hours to $2.95, according to Coingecko data. Ethereum, however, slipped 0.4% to $4,297.09 after reaching an intra-day high of $4,380.60.

However, Solana emerged as a bigger winner, gaining nearly 3% after industrial design services company Forward Industries unveiled plans to raise $1.65 billion to set up a SOL treasury, backed by Galaxy Digital, Jump Crypto, and Multicoin Capital.

Wall Street's major indexes rose to near all-time peaks on Monday after a tepid August jobs report. According to the CME Group's FedWatch tool, 89.6% of traders have priced in a 25-basis-point cut, while some are even projecting a larger 50-basis-point cut.

A low-rate environment typically fuels an increase in investor risk appetite, leading to gains in assets like equities and cryptocurrencies.

On Monday, software firm Strategy revealed that it bought 1,955 Bitcoins for close to $217.4 million. The company now holds over 638,000 Bitcoins, with a total value of over $70 billion, making it by far the largest buyer of the apex cryptocurrency. 

The purchases showed that institutional faith remained resilient in the digital asset, despite recent declines. On Sunday, El Salvador acquired 21 Bitcoins to mark the fourth anniversary of its landmark cryptocurrency law.

"Bitcoin's scarcity makes it stand out as investors eye hedges against shaky macro conditions," BTC Markets analyst Rachel Lucas stated.

However, retail sentiment on Stocktwits about Bitcoin and XRP was in the 'bearish' territory at the time of writing, while traders were 'extremely bearish' about Ether.

"September is usually one of the worst months for crypto. But this time? We're seeing breakouts on some of the coins, and others are chopping sideways," entrepreneur and crypto investor Lark Davis said on X.

Investor attention now shifts to Thursday's inflation report, which could influence the U.S. Fed's rate decision. According to a survey of economists by Dow Jones Newswires and The Wall Street Journal, the consumer price index rose 2.9% over 12 months in August, up from 2.7% in July.

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