Yesterday evening, the announcement of the Federal Reserve (Fed) minutes sparked a renewed upward trend in the cryptocurrency market. While a general rise was observed, predominantly led by Bitcoin, some altcoins did not witness the expected surge. Despite Bitcoin’s price climbing back above $61,000, it eventually saw a slight decline. As of the morning of August 22, what is the current state of the market?
Bitcoin’s Latest Status
Following a decline at the beginning of the week, Bitcoin experienced a price recovery with the release of the Fed minutes. Previously constrained between $58,000 and $60,000 for over a week, Bitcoin broke through to above $61,000 yesterday before falling back slightly, but it remains above the $60,000 threshold. Access NEWSLINKER to get the latest technology news.
The outlook for BTC has turned positive again, with a 2.31% increase in price evident in the charts. Bitcoin found buyers at the $60,700 level, and the market cap has repositioned itself around the $1.2 trillion mark, driven by this price increase.
There was also a noticeable rise in Bitcoin’s 24-hour trading volume. From $26.9 billion yesterday, it surpassed $35 billion today, indicating growing investor interest in tandem with the price increase.
Altcoins’ Latest Status
Ethereum, Bitcoin’s closest follower, mirrored the surge, with a 1.12% increase over the past 24 hours, pushing its price above $2,600 to $2,620. However, the price change over the last seven days remains negative at -1.12%.
Looking at the third-largest cryptocurrency by market cap, Binance Coin (BNB) also showed a more pronounced increase than Ethereum, with a 1.50% rise in the past 24 hours, bringing its price close to $570.
Despite its previous strong recovery, Solana (SOL) saw a decline of 0.49% over the past 24 hours, settling at $142.12. Similarly, XRP experienced a slight increase of 0.63% but remains below the $0.60 mark, at $0.5994.
Key Insights for Investors
Investors should note the following actionable insights:
- Bitcoin’s sustained trading above $60,000 suggests a strong support level.
- Increased trading volume for BTC may indicate heightened investor interest.
- Ethereum and Binance Coin are showing resilience with modest gains.
- Solana and XRP’s current prices provide potential buying opportunities.
As the market reacts to these developments, investors remain vigilant for further movements driven by underlying market conditions and external factors.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/fed-minutes-influence-bitcoin-surge