Bitcoin Hits 17-Month High After Fed’s Dovish Tone
On Thursday, Bitcoin and other crypto tokens continued their bullish momentum, with Bitcoin reaching a 17-month high after the U.S. Federal Reserve’s Federal Open Market Committee (FOMC) confirmed anticipated interest rates. This announcement injected the market with optimism, leading to a steady rise in Bitcoin’s price over the past day.
Bitcoin Surges, Altcoins Follow Suit
Bitcoin continued to show strength as the largest crypto token surged more than 3 percent, racing past the $35,500 level. Meanwhile, Ethereum also saw a 3 percent increase but remained below the $1,900 level. Additionally, the majority of altcoins were trading with sharp gains.
The overall market cap of the global cryptocurrency market also saw a significant increase, jumping to the $1.32 trillion mark, with total trading volumes surging by about 43 percent to $57.45 billion.
Bullish Trend Across the Board
Despite the unchanged interest rates by the Federal Reserve, the majority of top crypto tokens were trading sharply higher on Thursday. Solana surged more than 11 percent, while Polygon was up 8 percent. Cardano and Polkadot jumped 7 percent, and Chainlink and Tron gained about 4 percent each in early trading.
However, one of the top losers amidst the positive market sentiment was SafeMoon (SFM), which was down by over 50 percent in the last 24 hours. This decline came as the company’s CEO and CTO were taken into custody for fraud and are now facing criminal charges.
Industry Expert Insights
Experts in the cryptocurrency industry weighed in on the market’s recent developments. Edul Patel, Co-founder and CEO at Mudrex, noted the impact of the Federal Reserve’s announcement on Bitcoin’s price. Similarly, Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, highlighted the positive reaction in the market following the unchanged interest rates by the Federal Reserve.
Tech View by WazirX Trade Desk
The WazirX Trade Desk offered insights into Solana (SOL), an open-source project that leverages blockchain technology and offers decentralized finance solutions. The daily time-frame of the SOL/USDT chart indicated a significant momentum in price, with the token breaking above the upper trendline within an ascending channel pattern. The RSI also suggested that the token is in the oversold zone, with expectations of continued momentum into the coming week.
As with any investment, it is recommended to consult a financial adviser before taking any position in the assets mentioned.
I have been writing about crypto for over two years. I have a vast amount of experience in the industry and my work has been featured on some of the biggest publications in the space.
