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Bitcoin and Altcoins Bounce Back After Fed’s Interest Rate Decision: Market Watch
The US Federal Reserve has just concluded its most recent meeting, and the crypto market is reacting accordingly. In an unexpected turn of events, the central bank chose to keep interest rates unchanged for a fifth consecutive time. This decision has led to a surge in the cryptocurrency markets, with Bitcoin and many altcoins bouncing back from yesterday’s correction.
Bitcoin’s price action went through some volatility yesterday, especially after the conclusion of the latest FOMC meeting, but the asset has managed to recover most losses and even headed toward $120,000 at the beginning of the current day. However, the resistance at that level turned out to be too strong for Bitcoin’s current momentum, and it returned to around $118,000 yesterday ahead of the latest FOMC meeting.
The anticipation of a potential rate hike had led to some selling pressure on BTC, causing it to drop by several grand to below $116,000. Nevertheless, it has recovered most losses and is now challenging $119,000 once more. As of now, it remains about $500 away from that level, while its market cap has risen to $2.360 trillion.
Bitcoin’s dominance over the altcoins stands at 59.4% on CoinMarketCap.
On the other side of the table, most altcoins have turned green today after yesterday’s correction. Ethereum has risen past $3,850 after a 1.5% daily jump, while XRP is back above $3.15 following a similar increase. BNB, SOL, DOGE, ADA, HYPE, and XLM are also in the green.
SUI has recovered over 4%, LINK is up by 3%, while HBAR has added 5.7% of value since yesterday. ENA has emerged as the top performer once again, having surged by over 16% to $0.675.
In a remarkable turn of events, the total crypto market cap has added $30 billion overnight and now stands at an impressive $3.970 trillion on CoinMarketCap.
Source: cryptopotato.com
