Optimism reigns in the crypto market following the recent Federal Open Market Committee (FOMC) meeting, which concluded without altering interest rates. Bitcoin (BTC) experienced a slight dip, settling around $105,000, while major altcoins like Ethereum (ETH), Solana (SOL), and XRP enjoyed upward momentum. Onyxcoin (XCN) notably distinguished itself as the standout performer of the day, witnessing a remarkable spike of up to 30%.
What Decision Did the Fed Make on Interest Rates?
The U.S. Federal Reserve opted to maintain interest rates between 4.25% and 4.5%. Fed Chairman Jerome Powell emphasized that banks could engage with the crypto sector, provided they effectively manage associated risks.
Which Cryptocurrencies Are Gaining Ground?
Today, Bitcoin’s price surged by approximately 3%, reaching $105,176, while Ethereum and XRP saw increases of 2% and 1%, respectively. The overall crypto market capital rose by 2.5% to $3.55 trillion, with trading volume climbing 9% to $125.99 billion.
– Onyxcoin (XCN) soared by 30%, the most significant gain.
– Hyperliquid (HYPE) grew by 18%, followed by Fartcoin (FARTCOIN) at 16%, and Jito (JTO) at 13%.
– Ethereum’s MVRV ratio dropped below the 160-day moving average, signaling a potential 40% correction, according to analyst Ali Martinez.
– BTC could hit an all-time high in February if it surpasses $105,000, as suggested by Michaël van de Poppe.
Overall, the recent interest rate decision has invigorated the crypto market, prompting participants to assess future price behavior and potential impacts on various cryptocurrencies.
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/how-will-the-crypto-market-react-next