Here’s why altcoins like Uniswap, Stellar, Algorand, and Pepe going up

Cryptocurrency markets saw a slight recovery on Wednesday, with Bitcoin and many altcoins rising ahead of the US Federal Reserve's interest rate decision.

Cryptocurrency price movements
Bitcoin (BTC) rose to $84,500, approaching the key psychological resistance level at $85,000. Other top altcoins also posted significant gains:

- Uniswap (UNI): Up 12% to $6.90.

- Stellar (XLM): Up 10% to $0.293.

- Algorand (ALGO): Up over 9%.

- Pepe (PEPE): Up over 9%.

These gains pushed the total cryptocurrency market capitalization to $2.79 trillion.

Impact of the Fed's decision
The recovery in the cryptocurrency market comes in tandem with the rally in the US stock market. Major indices such as the Dow Jones, Nasdaq 100 and S&P 500 all rose more than 0.50%, while the US dollar index fell. Investors are expecting the Fed to adjust its monetary policy in a more dovish direction, in order to deal with the risk of an economic recession caused by current policies.

SEC's lawsuit against Ripple ends
In addition, altcoins such as Uniswap, Stellar, Algorand and Pepe were also boosted by the US Securities and Exchange Commission (SEC) ending its long-running lawsuit against Ripple Labs. This is an important milestone, marking a change in the SEC's approach to the cryptocurrency industry. Previously, the SEC also ended investigations into other cryptocurrency companies such as Uniswap Labs, Immutable and Robinhood.

Future Outlook
The SEC’s change of stance and the end of legal proceedings have increased expectations for the approval of spot cryptocurrency ETFs. According to data from Polymarket, the probability of XRP ETF approval before 2025 has reached 87%. If these ETFs are approved, demand from institutional investors could increase, boosting the value of altcoins such as Uniswap, Stellar, Algorand, and Pepe in the future.