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Bitcoin Reclaims $29,000 After Fed's Latest Rate Hike: Market Watch
Although BTC remained relatively flat immediately after yesterday's FOMC meeting, the asset skyrocketed in the following hours, reclaiming $29,000. The altcoins have also turned green with minor daily increases. FTM has jumped the most among the mid-cap alternatives. BTC Recovers Above $29,000 As April came to a close, Bitcoin initiated a run higher that pushed it to $30,000. However, the bears intercepted the move and pushed the asset sharply south. Just a few days later, BTC slipped to $27,600. Although the cryptocurrency gained some ground on Wednesday,...
Bitcoin Reclaims $29,000 After Fed's Latest Rate Hike: Market Watch
Although BTC remained relatively flat immediately after yesterday's FOMC meeting, the asset skyrocketed in the following hours, reclaiming $29,000.
The altcoins have also turned green with minor daily increases. FTM has jumped the most among the mid-cap alternatives.
BTC bounces back above $29,000
As April came to a close, Bitcoin initiated a run higher that pushed it to $30,000. However, the bears intercepted the move and pushed the asset sharply south. Just a few days later, BTC slipped to $27,600.
Although the cryptocurrency gained some ground on Wednesday, it was still unable to decisively reclaim $28,000. More volatility was expected later as the Federal Reserve was due to meet and possibly announce another interest rate hike.
Such an increase has indeed occurred, and the central bank's new interest rates are now 5%. Interestingly, however, Bitcoin did not respond as usual and remained stuck at just above $28,000. However, the trend began to change hours later, with BTC pumping by around a grand.
As of now, the asset is trading above $29,000 and its market cap is just over $560 billion. Its dominance over alts has also increased slightly at CMC to 47.1%.
BTCUSD. TradingView
SUI's roller coaster
The alternative coins, despite being more volatile in nature, have remained relatively calm even after the Fed's recent rate hike. Ethereum is one of the biggest gainers in the top 10, up 2%. As a result, ETH is now at $1,900.
Binance CoinCardano, Dogecoin, Polygon, Solana, Polkadot, Shiba Inu and Avalanche are also slightly in the green during the day.
FTM is up over 6% in the last 24 hours, making it the best performer among the top 50. The highly anticipated SUI token also began trading yesterday as the mainnet went live, rising to $3.5 before falling below $1.5 hours later.
Overall, the total crypto market cap has approached the $1.2 trillion mark after gaining around $15 billion daily.
Overview of the cryptocurrency market. Quantify crypto