The Rise of Cryptocurrencies Following the FOMC Meeting
Release: 2023/12/15 14:49 Reading: 666
Following the FOMC meeting, investors seem to have a clearer sense of confidence in riskier and more volatile assets. As of today, a significant price surge in crypto prices did not go unnoticed by investors.
Will Bitcoin and Altcoins Continue to Rise?
The market surge primarily occurred after the latest announcement from the U.S. Federal Reserve, which marked the third consecutive time that interest rates remained unchanged. This announcement, as reflected in the market value, indicates that crypto traders and investors are experiencing increased confidence in the market.
Despite a minor increase of 0.10%, Bitcoin‘s price remained relatively neutral at $42,767.35. The rise in market confidence appears to have prevented a decrease in Bitcoin’s price, and investors continue to maintain a bullish outlook for Bitcoin in the near future.
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Moreover, the leading altcoin, Ethereum, experienced a 1.2% increase in price within 24 hours and is currently trading at $2,276, indicating an uptrend. This situation is accompanied by a 14.51% increase in the token’s market value, which now stands at $12.91 billion. Another notable altcoin, XRP, also saw a 1.64% rise, reaching $0.6343.
Another significant altcoin, Solana (SOL), pleased its investors with a 6.78% increase in the last 24 hours. Solana is currently trading at the $74 level, with a 20.24% increase in volume. Following the surge, its volume reached $2.57 billion.
Noteworthy Altcoins
Following the recent Coinbase listing news, an announcement just came in that Bonk will be listed on Binance. This sparked intense speculation among memecoin supporters, affecting the price of BONK. Bonk’s price saw an extraordinary 108.05% increase within 24 hours, climbing to $0.00002929. Additionally, the token’s trading volume underwent a change, skyrocketing by 204.26% to $828.27 million in the last 24 hours.
Pepe coin’s price hosted a modest 1% increase in the last 24 hours. At the time of writing, it is trading at $0.000001418. Despite experiencing ups and downs throughout the week, the token’s price seems to be gaining upward momentum again. Furthermore, the token’s trading volume also saw a significant increase of 32%.
Another altcoin that caught significant attention today is the newly introduced 1000SATS. The price of the altcoin rose by 32.95%, reaching $0.0008148. The 24-hour trading volume of the token experienced a 100.79% increase, reaching an incredible level of $686.72 million.
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