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All attention was focused on the US Federal Reserve yesterday, but the anticipated interest rate hike did not trigger significant volatility for Bitcoin, which remains consolidated between $29,000 and $30,000.
Altcoins are showing slight gains, with Ethereum approaching $1,900 and XRP reclaiming the $0.70 level.
Bitcoin Remains Consolidated Despite Fed Action
Bitcoin surged above $30,300 on Sunday following several days of calm trading, but sellers quickly intervened to halt the upward momentum. Shortly thereafter, BTC slipped back to $30,000 before another retracement pushed it down to just under $29,000, marking its lowest price point in over a month.
Bulls stepped in at this level, attempting to reverse Bitcoin’s downward trajectory. As a result, the cryptocurrency reclaimed the $29,000 mark and gained several hundred dollars by Wednesday.
The US FOMC meeting then took place, during which Fed Chair Jerome Powell announced a fresh round of interest rate increases (25 basis points). While such hikes have historically impacted Bitcoin’s price performance, the asset remained relatively quiet this time.
Bitcoin spiked to $29,700 on Thursday morning but failed to hold that level, retracing by several hundred dollars. Consequently, its market capitalization remains around $570 billion, while its dominance over altcoins has slightly decreased to 48.2% on CoinMarketCap.
BTCUSD. Source: TradingView
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XLM and SOL Gain Momentum
Stellar’s native token has emerged as the top performer among large-cap altcoins today. XLM has soared by more than 13% on a daily basis, pushing prices well above $0.15.
Solana and Chainlink followed suit, with both assets rising by 6%. Consequently, SOL has reclaimed the $25 level, while LINK is trading at $8.
Additional gains were seen in tokens such as MKR, AAVE, and OP, all of which increased by percentages similar to SOL and LINK.
ETH, XRP, and BNB are also in the green, albeit more modestly. All three have jumped by approximately 1-2%.
The total cryptocurrency market capitalization has increased by just over $10 billion in a day and now stands above $1.180 trillion on CoinMarketCap.
Cryptocurrency Market Overview. Source: Quantify Crypto
Disclaimer: Information found on CryptoPotato is that of the quoted writers. It does not represent the opinions of CryptoPotato regarding whether to buy, sell, or hold any investments. Readers are advised to conduct their own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
