At 12:45 p.m., Bitcoin was trading 2.4% higher at $43,150, while Ethereum was up 1.7% at $2,312. Other altcoin such as Solana, Chainlink, Internet Computer, and Polygon rose over 5-14%. While XRP, Cardano, BNB, Avalanche, Tron, Polkadot, and Shiba Inu surged 2-4%.
Top crypto tokens also gained momentum after the US Federal Reserve voted to leave interest rates unchanged for the fourth consecutive meeting.
On Wednesday, the Fed confirmed in a statement that it was holding its benchmark lending rate steady at its 23-year high, between 5.25 and 5.50%.
“The Crypto market is experiencing a rebound after a dip, due to the unchanged interest rates by the Fed. Bitcoin experienced a low of $42,000 and regained the $43,000 region. A Breakout above $44,000 level can potentially turn the overall crypto market sentiment bullish,” said Shivam Thakral, CEO of BuyUcoin.Meanwhile, on Budget 2024, Thakral said, “The absence of discussion regarding Crypto taxation in the 2024 Interim Budget is somewhat concerning for the Indian Crypto community.Rajagopal Menon, Vice President WazirX, said, “Bitcoin started in green in Asia, partly due to China’s expected rate cuts and bullish sentiment around ETFs purchasing more and more tokens. The price correction of Bitcoin is set to go up due to the high demand for Bitcoin that is set to arise due to 5x more purchase activity than coins minted daily. However, the rise can also be fuelled by the halving which is a little less than 3 months away.”The surge which is expected to be steady for the next few weeks might experience some volatility due to dynamic market sentiments, Menon added.
The total volume in DeFi is currently $5.33 billion, 11.06% of the total crypto market 24-hour volume. The volume of all stablecoins is now $44.41 billion, which is 92.11% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, surged to $846 billion. Bitcoin’s dominance is currently 51.25%, according to CoinMarketCap. BTC volume in the last 24 hours fell 23.5% to $19.8 billion.
“BTC is holding above $43,000, with a strong daily close and staying above 20EMA D, but it remains within the range of $41,000-$45,000. A breakout from this range could provide a clearer direction. BTC dominance is relatively stable, allowing some room for altcoins to perform,” said CoinDCX Research Team.
ETH followed BTC’s momentum, holding above $2,300 but below 20EMA D, within the range of $2,175-$2,400. Layer 1 tokens are currently showing strength and performing well, CoinDCX said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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