The crypto market has turned green after the last FOMC meeting led by Cardano. Bitcoin is close to 40 thousand dollars.
Yesterday’s FOMC meeting had a positive impact on most of the crypto market as Bitcoin rallied to $40,000. Most altcoins are also colored green. Cardano, Solana, Polkadot, and Avalanche are among the top performers.
Bitcoin Touched $40K
Since over $40,000 was rejected last week, the landscape for the primary cryptocurrency has been pretty bearish. It quickly turned below this level and continued to lose value. This resulted in a drop to a two-month low below $37,500.
Although it bounced and challenged $39,000 over the next few days, the asset ultimately failed and returned below $38,000 once again, as reported yesterday.
It moved closer and higher to $38,500 ahead of the highly anticipated FOMC meeting last night. In it, Fed Chairman Jerome Powell said the agency would raise interest rates by 50 basis points (instead of the expected 75).
This had a positive impact on the BTC price, which jumped to an intraday high of $40,000. As of now, the cryptocurrency has pulled back several hundred dollars but is still around 2% on the day. Therefore, its market capitalization is over $750 billion.
Cardano Leads the Way of the Bottoms
Altcoins have also been in bad shape in the past weeks, but now they have taken the market in green.
Ethereum dropped to $2,700 the day ago, but is now hovering above $2,900. This comes after a 2.5% increase on a daily scale.
A similar price pump pushed Binance Coin to $400, while Ripple is near $0.65 after gaining 3.7% on the day.
Solana is trading above $90 after a 6% increase. Polkadot (5%) and Avalanche (8%) also do well in green. Cardano is up more than 9% and is sitting close to $0.9.
As a result, the crypto market cap added about $60 billion per day and is currently $1.8 trillion.
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Note: The contents of the articles written on this site are completely based on comments and analysis. It is not investment advice in any way.