All eyes were on the US Federal Reserve yesterday, but the expected interest rate hike didn’t result in any substantial volatility for bitcoin, which remains stuck between $29,000 and $30,000.
The altcoins are slightly in the green, with ETH nearing $1,900 and XRP reclaiming $0.7.
BTC Still Stuck Despite Fed’s Hike
Bitcoin spiked above $30,300 on Sunday after several calm days, but the bears were quick to intercept the move and halt it in its tracks. Shortly after, BTC found itself slipping back to $30,000 before another retracement brought it all the way down to just under $29,000, which became its lowest price level in over a month.
The bulls stepped up at this point and tried to reverse BTC’s trajectory. As a result, the cryptocurrency reclaimed $29,000 and added a few hundred dollars by Wednesday.
Then came the US FOMC meeting in which Fed Chair Jerome Powell announced a fresh wave of increasing interest rates (25 bps). Historically, such hikes have affected BTC’s price performance, but this time the asset remained relatively quiet.
Thanks for subscribing, you will get your first report in the next hours!
It spiked to $29,700 by Thursday morning but failed there and retraced by a few hundred dollars. Consequently, its market cap is still around $570 billion, but its dominance over the alts has taken a slight hit and is down to 48.2% on CMC.
XLM, SOL on the Rise
Stellar’s native token has emerged as the top performer from the larger-cap alts today. XLM has soared by more than 13% on a daily scale, and trees well above $0.15.
Solana and Chainlink follow suit, as both assets are up by 6%. Consequently, SOL has reclaimed $25, while LINK stands at $8.
More gains come from the likes of MKR, AAVE, and OP – all of which have increased by similar percentages as SOL and LINK.
ETH, XRP, and BNB are also in the green but in a more modest fashion. All three have jumped by about 1-2%.
The total crypto market cap has added just over $10 billion in a day and stands above $1.180 trillion on CMC.
SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
